The government has announced a restructuring plan for the public sector that will affect more than 12-thousand employees.

The finance ministry approved the plan on Monday during a session of the public institution steering committee led by second vice minister Choi Sang-dae.

Out of 449-thousand workers, 12-thousand-442, or two-point-eight percent, will be subject to the first restructuring in 14 years.

The first phase next year will eliminate eleven-thousand-81 positions, followed by 738 in 2024, and 623 in 2025. The government expects to save 760 billion won annually in personnel expenses.

After cutting 17-thousand-230 positions by adjusting duties and enhancing organizational efficiency, the government plans to reassign four-thousand-788 workers to areas overseeing state task implementation and public safety.