Korean Air is the flagship of the Hanjin group, one of the multifaceted, family-controlled conglomerates known as chaebols that dominate business in South Korea and played a key part in its rise to become the world’s 12th-largest economy. Most of its staff will go on leave from April 16 for six months in response to “deteriorating business circumstances”, Korean Air said in a statement. Korean Air’s labour union agreed to participate as part of a “burden-sharing” initiative, the company said — executives have also agreed to take pay cuts.
