Hyundai Hi-Life Loss Assessment, a loss adjusting specialist subsidiary of Hyundai Marine & Fire Insurance, has decided not to pay performance bonuses to employees this year. While parent company Hyundai Marine & Fire Insurance opted to provide an incentive in the form of treasury shares instead of paying performance bonuses, Hyundai Hi-Life Loss Assessment also plans not to provide any separate incentive.
According to the financial industry on the 16th, Hyundai Hi-Life Loss Assessment typically pays a performance bonus in the first half of the following year based on the previous year's evaluation results. Last year, it paid 270% of salary as a performance bonus, but because last year's performance fell short of internal benchmarks, it decided not to pay a performance bonus this year.
Parent company Hyundai Marine & Fire Insurance also decided not to pay a performance bonus this year. Chief Executive Lee Seok-hyeon of Hyundai Marine & Fire Insurance said in an in-house message on the 4th that, due to falling short of benchmarks, the company would not pay a performance bonus. He also announced that 1% (894,000 shares) of the 12.29% (10,985,500 shares) in treasury stock it holds would be paid as an incentive. The widening deficit in indemnity health insurance appears to be the reason.