Lotte Department Store Launches Early Retirement Scheme

  • By Song Hye-jin

    September 24, 2021 11:24

    Lotte Department Store is inviting early retirement applications from staff who have worked there for more than 20 years as the coronavirus pandemic exacerbated shrinking business.

    It has around 4,700 full-time staff and around 2,000 of them qualify.

    Lotte published a notice on Thursday informing workers that it will accept applications until Oct. 8.

    Those who apply get 24 months of wages plus a W30 million consolation payment. It will also give them one month's paid leave in November and four months of retraining as well as paying up to W32 million in tuition fees for their children (US$1=W1,173).

    Lotte is in crisis. It said it hopes to "revamp" its workforce to make it "more efficient and capable of adapting to changing trends." The retailer also plans to hire some interns who will get a chance to become full-time staff.

    Affiliate Lotte Hi-Mart, which sells home appliances, took early retirement applications in March last year targeting staff over 50, and in February supermarket chain Lotte Mart did the same for staff who had worked there for more than 10 years. Only around 80 workers took it up on the offer.

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