Hanjin Group Korea Airport Returns All Executives' Salaries to Overcome Management Crisis

[Image source=Yonhap News]

[Asia Economy Reporter Yu Je-hoon] Korea Airport announced on the 26th that starting from April, all executives will voluntarily reduce a portion of their salaries to overcome the management crisis caused by the novel coronavirus disease (COVID-19). Korea Airport is the largest ground handling specialist company in South Korea under the Hanjin Group.

The salary reduction scale is 40% for executives at the senior vice president level and above, and 30% for managing directors. The salary reduction for executives will be maintained until the management status returns to normal.

Korea Airport provides ground handling services to over 50 airlines, including Korean Air, but has been facing management difficulties as most airlines have suspended international flights due to the recent COVID-19 outbreak.

In response, Korea Airport is accepting voluntary leave applications from employees to overcome the management crisis caused by COVID-19, while implementing self-help measures such as reducing unnecessary expenses and investments.

Separately, Korea Airport, together with other domestic ground handling companies, formed an emergency response committee and requested support measures such as airport facility usage fee reductions from the Ministry of Land, Infrastructure and Transport and the two major airport corporations in two rounds.

This content was produced with the assistance of AI translation services.