Lotte Duty Free Conducts Voluntary Retirement for Employees with Over 15 Years of Service

Payment of 25 Months' Ordinary Wages and Position Allowances

Lotte Duty Free logo. (Photo by Lotte Duty Free)

[Asia Economy Reporter Lim Chunhan] Lotte Duty Free announced on the 14th that it will implement voluntary retirement to quickly respond to changes in the business environment amid the crisis caused by COVID-19.

The domestic duty-free industry has experienced an unprecedented crisis over the past three years due to the impact of COVID-19. Lotte Duty Free explained that although it has made various efforts such as restructuring its business and expanding overseas operations to overcome the crisis, it decided to implement voluntary retirement due to the inevitable need to revise its multi-store strategy and improve its organizational structure.

The voluntary retirement target includes employees at the assistant manager level (SA) or above with more than 15 years of service, and the application period is until the 21st of this month. Lotte Duty Free will provide those who take voluntary retirement with 25 months' worth of regular wages, position allowances, and a lump sum payment of 20 million KRW. Additionally, retirees with children attending middle school, high school, or university will receive up to 20 million KRW in tuition support.

A Lotte Duty Free official stated, “This will be conducted only for those who wish to participate in order to respond more swiftly to internal and external changes in the business environment,” adding, “We also plan to support reemployment programs such as one-on-one consulting and educational opportunities.”

This content was produced with the assistance of AI translation services.