Hwaseong Urban Development Corporation Returns 400 Million Won in Institutional Performance Bonus

Hwaseong Urban Development Corporation (President Lee Seung-chul) announced on the 27th that employees have decided to return all of this year's institutional performance bonus for 2012 performance as part of self-help measures to ‘overcome fiscal crisis’.

Following the Ministry of Interior and Safety's evaluation of local public enterprises that rated the corporation in the high ‘Class D’ category, the corporation's employees were eligible to receive approximately 400 million won in performance bonuses at 101%~150% rates. However, through labor-management cooperation, management and all employees have decided to return this performance bonus to participate in ‘overcoming fiscal crisis’ and ‘normalizing operations’.

Hwaseong Urban Development Corporation stated that it will continue to make next year a year of crisis overcome and leap forward through labor-management cooperation and harmony, achieving not only ‘overcoming fiscal crisis’ and ‘normalizing operations’, but also fulfilling the corporation's mission as Hwaseong citizens' public enterprise in that ‘the corporation's development is equivalent to development of Hwaseong and contribution to residents' welfare improvement’.