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Samsung Electronics to let go 10 pct of TV sector workers

March 5, 2015

Models pose with a Samsung Electronics Co.’ SUHD 4K smart TV during a press conference in Seoul, South Korea. (AP Photo/Ahn Young-joon)

SEOUL, March 5 (Yonhap) — Samsung Electronics Co. is set to cut 10 percent of its development staff in the visual display division, a company source said Thursday.

According to a source with knowledge of the matter, the firm is conducting one-on-one talks with the division’s employees to discuss leaving the company. The source, who spoke on condition of anonymity because the step has yet to be made public, said the company has already decided on some of the workers who have agreed to leave by end-March.

A spokesman for the visual-display division, however, denied there were such moves, adding the company does not have any restructuring program under way.

The source said the company is keeping everything low-key.

Samsung Group’s chief spokesman had said Wednesday that the family-run conglomerate is reorganizing staff at its affiliates, although he declined to comment on the details. He said any decision would be based on the judgment of each company.

Samsung Electronics said last week it has decided to freeze pay for its employees for 2015, the first such move since 2009.

The operating profit of its consumer electronics business came to 1.18 trillion won (US$1.07 billion) in 2014, down 29.3 percent from a year earlier, Samsung had said in an earlier regulatory filing.

Shares of Samsung Electronics fell 1.04 percent on the Seoul market Thursday to 1,422,000 won. The main bourse closed flat.