Taiwanese authorities concluded a revamped plan yesterday for the state-run China Shipbuilding Corp (
The Council for Economic Planning and Development -- author of the plan -- submited it to the Executive Yuan for further review, the council said in a statement. The meeting was presided over by the council's Vice Chairman Ho Mei-yueh (
Based on a preliminary report by the commission, the state-owned maker of cargo ships, tankers and military vessels is considering firing 2,700 of its 5,100 employees and cutting salaries for those employees that remain by 35 percent to stem losses.
"Through these measures, we can make China Shipbuilding workers' salaries similar to that of Japanese shipyard workers, and make China Shipbuilding as competitive as European shipyards," a council official said.
The firm has been unable to compete due to inefficiency at the state-run shipmaker in combination with strong competition from South Korean and Japanese companies. The company is expected to lose NT$3 billion (US$86 million) this year, after reporting losses of NT$6.2 billion between July 1999 and Dec. 2000, according to statistics provided by the Commission of National Corporations, which supervises the country's state-run companies.
The Council for Economic Planning and Development said in the statement that the central government is mulling a NT$6 billion recpaitalization plan for the shipbuilding company, but stressed that it will approve the funding only if the company agrees to execute the employee and salary cuts.
In addition, the council suggests the Ministry of Economic Affairs help the company allocate NT$9 billion to compensate for employees fired, the statement said. Potential sources of the funding was not disclosed.
The council also called on the economics ministry to further accelerate China Shipbuilding's privatization work and to set up a task force to overseeing the company's restructuring.
The council said downsizing is an inevitable step to help revive China Shipbuilding, adding that if the company fails to significantly improve its business and complete the privatization process within the next two years, the central government should consider shutting down the company, the statement said.
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