LG Display. (Photo=Yonhap News)

 

[Alpha Biz= Reporter Kim Sangjin] LG Display will implement voluntary retirement for office workers, following a similar program for production workers in June. This marks the first office worker voluntary retirement program since 2019. The decision comes after the company posted more than 2 trillion KRW in losses last year, with a third consecutive quarterly deficit in 2024, prompting the need for further workforce reduction.

According to industry sources, LG Display announced that it will begin holding informational sessions for office workers from today and will accept voluntary retirement applications from July 7th for a two-week period. The program targets employees with at least five years of service who are either over the age of 40 or hold managerial positions. Those opting for voluntary retirement will receive severance packages equivalent to 30 months of their basic salary, as well as educational expenses for their children.

During the third-quarter earnings conference call held on October 3rd, LG Display emphasized the necessity of restructuring.

 

 

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