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Korean Air Lines Co., South Korea’s top national flag carrier, has launched a voluntary early-retirement program for the first time in six years to cut costs amid slowing business from economic slowdown and heavy competition.

Those eligible for voluntary early-retirement application are employees aged 50 or older and with 15 or longer years of continuous service, excluding flight attendants, researchers and some others under special employment conditions, according to the Korean Air Lines on Wednesday. The airline will receive the early retirement application by Dec. 23.

The last time that the company launched a voluntary early-retirement program was six years ago.

It has been widely expected that Korean Air Lines would carry out the voluntary severance program after the airline offered up to six months of unpaid leave for its employee in October this year, which was the first in its 50-year history. It also cut the number of senior management by about a quarter to 79 at its year-end executive reshuffle late November.

A Korean Air Lines employee going on early-retirement will receive a severance payment plus up to two years worth of salary and other employee welfare benefits including educational assistance for child(ren) for up to four years after resignation.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]