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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Lotte Wellfood, the food affiliate of South Korea's Lotte Group, has announced a voluntary retirement program as part of its ongoing business streamlining and future competitiveness strategy.
According to sources in the retail industry on Tuesday, the company will accept applications for the program until May 9. Eligible employees include those born before 1980 (aged 45 and above) with more than 10 years of service.
Under the terms of the program, employees with 10–15 years of service will receive compensation equivalent to 18 months of base salary, while those with over 15 years will receive 24 months' worth. In addition, participants will be granted 10 million won (approx. $7,500 USD) in re-employment support. Employees with children currently enrolled in university will also receive up to 10 million won per child in educational assistance.
Lotte Group has been actively pursuing restructuring efforts across its affiliates since last year, aiming to reduce costs and realign business operations. The voluntary retirement program at Lotte Wellfood is seen as part of this broader strategy.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
