[Exclusive] ”Bankruptcy Rumors” 140 billion won in unpaid wages due to financial difficulties in Seoul subway

Hankook Ilbo
PickK
i
[single]
bankruptcy theory
Seoul subway financial crisis
140 billion won in unpaid wages crisis
Entered 2024.12.19. 431 am
Modified 2024.12.19. 5.00 am
Original text of article
Reporter Park Min-sik
=
7
22
c)) go
[5
Seoul Transportation Corporation KRW 140 billion ‘evaluation level’
Due to financial difficulties, it was decided that payment within the year would not be possible.
“Payment next year. December salary will be paid as normal.”
I0
Io
2
{
The general strike was withdrawn after the wage agreement between labor and management at the Seoul Transportation Corporation was dramatically concluded.
On the 6th of this month, citizens left the platform at Sindorim Station in Guro-gu, Seoul.
I’m in a hurry. newst

The Seoul subway lines 1 to 8 operating agency is rumored to be bankrupt.
The wages that Seoul Transportation Corporation must provide to its executives and employees this month
It is known that it is difficult to pay the sub-assessment (evaluation salary). arrears of payment
The size is approximately 140 billion won. The company is suffering from chronic deficit.
It is predicted that the company will be short of operating funds of up to 1 trillion won next year.
The possibility of a default is as estimated (This paper reported on November 28, 2018)
Date, page 11) has been raised. The corporation said, “Payment will be made in
“I can do it, there is no problem”, which is the main cause of eye position or financial difficulties.
Fundamental solutions, such as compensating for passenger losses and setting appropriate fares, are
It is pointed out that it is necessary.
According to the coverage of the Hankook Ilbo on the 18th, the Seoul Transportation Corporation
Evaluation pay is usually paid at the end of the year due to unfavorable financial conditions.
There is a delay in payment. A construction official said in a phone call that day, “12
Monthly employee salaries are paid normally, but operating funds are
“It is difficult to pay the evaluation salary because it is not enough,” he said.
“We plan to inform the union and executives and employees soon,” he said.

Evaluation salary not paid within the year after 3 years… Liquidity crisis?
The evaluation level of local public enterprises, including construction frameworks, is determined by the Local Public Enterprises Act.
Accordingly, management evaluation (A~D) by the Ministry of the Interior and Safety or the province (other)
Grade) Wages are paid differentially based on results. Jae-won
Part of an employee’s annual salary consisting of basic salary and bonus
Wage that was originally supposed to be fixed and prepared separately
Since some of them are returned later, some general companies may
This is different from the performance bonus in the form of an additional bonus received when coming to the net.
Leda. Management review of local public enterprises announced by the Ministry of Public Administration and Security in August
A. Based on 2023 performance), Seoul Pain Corporation is the third
It is rated ‘C’. Accordingly, the head of the institution’s monthly salary
100~200%, 100~1809 for executives, 80~10 for employees
You will receive 0%.

Lee Gyeong-sook, a People Power Party member of the Transportation Committee of the Seoul Metropolitan Council,
According to data received from the corporation, the evaluation to be paid this year
The class size is 140,799,3 million won. Construction officials
The evaluation salary that each executive and employee should receive is 1809 of the monthly salary.
“It’s a little less than two months’ worth,” he said.
“We will try to make the payment within January,” he explained.
An official from the construction’s three labor unions said, “The financial situation is difficult.”
I don’t think it’s right, so if you get the evaluation grade next year, it’s the performance amount from the year before last.
“It’s a situation where you get it,” he said.
“Need to compensate for free-riding losses and increase appropriate fares.”
There are no cases where the construction company failed to pay evaluation salaries on time.
Passenger numbers plummeted to 20 due to the spread of Rona 19 and social distancing.
I couldn’t give it at the end of the year for two consecutive years in 2020 and 2021, so name it 1
There is a precedent for monthly payments. However, with the end of the COVID-19 crisis,
In addition to regaining our daily lives, the fare was raised by 150 won in October last year (
1,250 + 1,400 won), but there are signs of improvement in financial difficulties.
The problem is not to accept it.

Losses due to free riding for people over 65 years of age due to Inon law
This year, it amounts to KRW 639.2 billion (as of September), but not even a single product is sold.
Even if the original fee was not received and the rate was increased, the rate of rate realization (as of Wednesday)
The average fare to cost price ratio is only 55%, 1 passenger
This is because you lose about 798 won every time you raise a person.
The 150 won additional fee increase scheduled for this year has also been postponed.
The government and Seoul, including the introduction of follow-along cards and 15-minute free re-rides
The burden of implementing city policies must also be endured. Also electricity
The burden of various costs, such as increased fees, is also increasing. Rep. Lee said,
The government does not compensate for the loss caused by free riding.
A structure in which losses are accumulated every year due to postponement of planned rate increases.
“The framework needs to change,” he pointed out.
In addition to supporting major investment projects such as improving old facilities, the city of Seoul
100 billion won to be used for current expenses next year
The city plans to support the city and increase rates at the beginning of the year.
An official said, “The subway fare will be increased by an additional 150 won in February next year.”
“We are progressing with Incheon, Gyeonggi-do and Hyeon-ui-reum as our goal,” he said.
Self-rescue efforts by the corporation, such as selling power assets and reducing costs, are also necessary.
“Do it,” he said.
Reporter Park Min-sik (bemvself@hankookilbocom)