"We will carry out a full strike for the time being, and hold protests and rallies to have the people become aware of unfairness surrounding the planned layoff," a union official said. "We are willing to embrace cuts in welfare or wages, as long as our employment is guaranteed."

The Korea Development Bank earlier vowed to improve financial health of STX by rolling out an intensive restructuring program and focus on securing premium gas carrier projects.

In line with the move, STX plans to cut 75 percent of its costs spending on labor to deal with its latest financial struggle. The remaining workers will also face cuts in compensation and wages.  (Yonhap)