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September 20, 2017

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Renault's South Korean unit reduces workforce 15% through retirements

SEOUL -- The struggling South Korean unit of French auto giant Renault said Monday it had managed to reduce its workforce by 15 percent through a voluntary retirement scheme aimed at cutting costs.

Renault Samsung Motors said about 800 of its 5,500 employees would leave the company by Friday after receiving compensation of up to two years of salary depending on their years of service.

Employees who took up the offer will also have their children's school fees paid for two years, along with other benefits.

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