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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea to cut jobs, sell assets of public firms Reuters - Sunday, December 21 SEOUL, Dec 21 - South Korea plans to cut jobs at state-run companies and sell their idle assets, the finance ministry said on Sunday, as the country is on track to posting a fiscal deficit representing 2.4 percent of its gross domestic product next year. The finance ministry said in a statement that 69 state-run companies, such as power monopoly Korea Electric Power Corp <015760.KS>, would slash some 19,000 employees, about 13 percent of their combined workforces in the next 3-4 years. KEPCO will cut 2,420 people, 11.1 percent of its total employees, and the Korea Development Bank plans to shed 237 jobs, 10 percent of the state-run bank's workforce. The job cuts, along with other cost-reduction plans, will enable the country to save 1.7 trillion won of the government budget, the ministry said. The state-owned companies also plan to sell assets, including land, which are not directly related to their business, and raise 8.5 trillion won, the ministry said. The ministry said the government would consider selling stakes in other companies, which the state-run firms own. South Korea will spend a total of 284.5 trillion won in 2009, up 10.6 percent from this year, which will leave the country's fiscal deficit at 24.8 trillion won next year. [ID:nT143631] The government plans to beef up its spending on social infrastructure and smaller firms next year as Asia's fourth-largest economy is feared to grow by the slowest pace since the 1997-98 Asian financial crisis. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Japan drafts record budget to revive economyAFP - 18 minutes ago FACTBOX-South Korea's faltering economic reformsReuters - 38 minutes ago Indonesia fin min sees slower '09 GDP, inflationReuters - 1 hour 32 minutes ago Boom in music video games helps original artistsAP - 2 hours 45 minutes ago Music sales rise in harmony with game appearancesAP - 2 hours 45 minutes ago Most Popular – Business Viewed Global economy seen sinking into 'severe' 2009 recession: report Actress Jennifer Aniston appears naked in GQ magazine Oil prices mixed; New York contract expires below 34 dollars German Christmas cake theft sparks data scare Deep Throat, Watergate's secret informant, dies at 95 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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