‘20 trillion + α’ Fiscal Soundness Plan
Jung Seung-il, President, Issues Statement and Holds Consecutive Meetings
Korea Electric Power Corporation (KEPCO) announced on the 28th that it held a company-wide emergency issue meeting to discuss self-help measures. The self-help measures, expected to be announced around May, will include reductions in labor costs, organizational workforce innovation, support for energy-vulnerable groups, and plans to enhance public convenience.
According to KEPCO, after CEO Jeong Seung-il issued a statement regarding the electricity rate hike on the 21st, KEPCO consecutively convened meetings chaired by CEO Jeong to discuss alternatives and self-help plans to overcome the financial crisis with management and employees. CEO Jeong was included in President Yoon Seok-yeol’s economic delegation to the United States but was ultimately excluded from the final list.
In his statement at the time, CEO Jeong said, "The power group companies, including KEPCO and six power generation companies (a total of 10 companies), will accelerate the implementation of a financial soundness plan exceeding 20 trillion won to minimize the burden on the public before adjusting electricity rates."
KEPCO held a meeting on the 24th attended by executives and head office directors, and on the 27th, it reportedly held a meeting with Choi Cheol-ho, chairman of the Power Labor Union, to resolve management issues.
Prior to this, the ruling party had demanded that KEPCO present self-help measures before deciding whether to raise electricity rates in the second quarter. The self-help measures being prepared by KEPCO are said to include a de facto wage freeze, such as returning wage increases. Six meetings were also held to gather opinions from affiliated employees.
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