'Average Annual Salary 73 Million KRW' Hanwha Ocean Raises by 10 Million KRW at Once... Matches Competitors' Level

Hanwha Ocean has decided to increase employee salaries by approximately 10 million KRW compared to previous levels. This salary increase is expected to significantly contribute to the ongoing management normalization efforts since joining the Hanwha Group in May.

Model of Hanwha Ocean's Jangbogo-III Batch-II exhibited at the International Maritime Defense Industry Exhibition (MADEX) on the 7th of last month. [Provided by Hanwha Ocean] [Image source=Yonhap News]

On the afternoon of the 18th, Hanwha Ocean officially notified office workers of the revised salary standards in this direction. Hanwha Ocean had previously held a briefing session on the personnel system to inform employees in advance about the scale of the salary increase.

As of the end of last year, the average salary per employee at HD Hyundai Heavy Industries was 84.72 million KRW, Samsung Heavy Industries was 84 million KRW, while Hanwha Ocean (then Daewoo Shipbuilding & Marine Engineering) was 73 million KRW, about 10 million KRW lower.

Hanwha Ocean’s purpose appears to be raising its previously lowest wage level among competitors to a similar level in order to bring back former employees who left the company and to secure outstanding talent.

Kim Dong-kwan, Vice Chairman of Hanwha Group, also emphasized at the 'International Maritime Defense Industry Exhibition (MADEX) 2023' held at BEXCO in Busan last June, "There are no plans for artificial restructuring. We are at a stage to gather those who had to leave the organization again and proceed with additional hiring."

Kim Dong-kwan, Vice Chairman of Hanwha Group, is greeting employees during his visit to the Hanwha Ocean Geoje plant on the 7th of last month. [Provided by Hanwha Group] [Image source=Yonhap News]

Last month, Hanwha Ocean announced its first recruitment, stating that it will hire personnel without limits across all job functions including production, research and development, and design, through continuous recruitment until the end of the year.