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KT given breather with higher-than-expected number of retirees

By Kang Yoon-seung SEOUL, April 22 (Yonhap) -- South Korea's top fixed-line operator, KT Corp., is expected to get some relief from financial pressure as a significant number of workers applied for its retirement program, analysts said Tuesday, although the effect of a streamlined workforce won't be long-lived. KT, also the country's No. 2 mobile carrier by market share, said 8,320 employees applied for its voluntary retirement program offered from earlier this month as of Monday. The number is much higher than the anticipated 6,000.

KT given breather from higher-than-expected number of retirees

By Kang Yoon-seung SEOUL, April 22 (Yonhap) -- South Korea's top fixed-line operator, KT Corp., is expected to get some relief from financial pressure as a significant number of workers applied for its retirement program, analysts said Tuesday, although the effect of a streamlined workforce won't be long-lived. KT, also the country's No. 2 mobile carrier by market share, said 8,320 employees applied for its voluntary retirement program offered from earlier this month. The number is much higher than the anticipated 6,000.

KT given breather from higher-than-expected number of retirees

By Kang Yoon-seung SEOUL, April 22 (Yonhap) -- South Korea's top fixed-line operator, KT Corp., is expected to get some relief from financial pressure as a significant number of workers applied for its retirement program, analysts said Tuesday, although the effect of a streamlined workforce won't be long-lived. KT, also the country's No. 2 mobile carrier by market share, said 8,320 employees applied for its voluntary retirement program offered from earlier this month. The number is much higher than the anticipated 6,000.

Former KT chief to stand trial for alleged graft

SEOUL, April 15 (Yonhap) -- The former head of local telecom giant KT Corp. was indicted Tuesday on charges of committing a host of corporate crimes including embezzlement, prosecutors said. Lee Suk-chae, 69, is under suspicion of causing financial losses worth 10.35 billion won (US$9.92 million) to KT, the country's top fixed-line operator and No. 2 mobile carrier, through a poor business decision before stepping down from his post in November, prosecutors said.

Former KT chief to stand trial for alleged graft

SEOUL, April 15 (Yonhap) -- The former head of local telecom giant KT Corp. was indicted Tuesday on charges of committing a host of corporate crimes including embezzlement, prosecutors said. Lee Suk-chae, 69, is under suspicion of causing financial losses worth 10.35 billion won (US$9.92 million) to KT, the country's top fixed-line operator and No. 2 mobile carrier, through a poor business decision before stepping down from his post in November, prosecutors said.

Former KT chief to stand trial for alleged graft

SEOUL, April 15 (Yonhap) -- The former head of local telecom giant KT Corp. was indicted Tuesday on charges of committing a host of corporate crimes including embezzlement, prosecutors said. Lee Suk-chae, 69, is under suspicion of causing financial losses worth 10.35 billion won (US$9.92 million) to KT, the country's top fixed-line operator and No. 2 mobile carrier, through a poor business decision before stepping down from his post in November, prosecutors said.

FTC slaps KT with 2.08 bln won fine for forcing unfair business contract

By Kang Yoon-seung SEOUL, April 14 (Yonhap) -- South Korea's antitrust watchdog said Monday it fined KT Corp., the country's top fixed-line operator, 2.08 billion won (US$2 million) for forcing an unjust contract on a local electronics manufacturer. According to the FTC, KT placed orders for 200,000 units with an initial production of 30,000 units of a low-end tablet PC, named the K-PAD, in 2010 from Enspert. KT was hurrying to release the product in the market before SK Telecom, its industry rival in the mobile carrier business, released Samsung's tablets.

KT to carry out voluntary retirement

By Kang Yoon-seung SEOUL, April 8 (Yonhap) -- KT Corp., South Korea's No. 2 mobile carrier, said Tuesday it will accept voluntary retirement from senior employees in an apparent bid to tighten its belt as it is dragged down by lackluster performances. The company said it reached an agreement with its labor union to allow employees who have worked 15 years or more at KT to retire, which accounts for 23,000 of the current 32,000 workers. Applications will be accepted from Thursday to April 24.

KT to carry out voluntary retirement

By Kang Yoon-seung SEOUL, April 8 (Yonhap) -- KT Corp., South Korea's No. 2 mobile carrier, said Tuesday it will accept voluntary retirement applications from senior employees in an apparent bid to tighten its belt as it is dragged down by lackluster performances. The company said it reached an agreement with its labor union to allow employees who have worked 15 years or longer at KT to apply for retirement. Of the company's 32,000 workers, about 23,000 are estimated to be eligible to apply. Applications will be accepted from Thursday through April 24.

KT to carry out voluntary retirement

By Kang Yoon-seung SEOUL, April 8 (Yonhap) -- KT Corp., South Korea's No. 2 mobile carrier, said Tuesday it will accept voluntary retirement from senior employees in an apparent bid to tighten its belt as it is dragged down by lackluster performances. The company said it reached an agreement with its labor union to allow employees who have worked 15 years or more at KT to retire, which would cover about 23,000 of the current 32,000 workers. Applications will be accepted from Thursday to April 24.
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