[Photo by Han Joo-hyung]

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Lotte Duty Free has announced a voluntary retirement program for its employees, with industry sources saying on Tuesday that the company will accept applications for voluntary retirement until the end of August 2024. The program is open to employees aged 43 and older who have worked at the company for at least 10 years or those who have stayed in the same position for an extended period.

Employees who apply for the voluntary retirement program will receive a severance package equivalent to 32 months of their regular salary, along with a reemployment support grant of 20 million won ($15,000). Employees with children enrolled in university will also receive an extra 10 million won per child, up to a maximum of three children. There is a separate honorary retirement program for those eligible for the peak wage system.

This voluntary retirement initiative is part of the travel retailer’s recently declared emergency management strategy. Lotte Duty Free CEO Kim Ju-nam’s message to employees in July 2024 highlighted the need for stringent business restructuring measures.