Lotte Wellfood Implements Voluntary Retirement for Employees Aged 45 and Over

For Streamlining Operations and Strengthening Future Competitiveness

Lotte Wellfood, a food subsidiary of Lotte Group, is implementing voluntary retirement to streamline operations and strengthen future competitiveness.

According to the distribution industry on the 8th, Lotte Wellfood is accepting applications for voluntary retirement until the 9th of next month. Eligible candidates are those born before 1980 (aged 45 or older) and with more than 10 years of service. Under the voluntary retirement conditions, employees with 10 to less than 15 years of service will receive 18 months' worth of base salary, while those with 15 years or more will receive 24 months' worth of salary. A reemployment support fund of 10 million KRW will also be provided, and employees with university-aged children will receive additional tuition support of up to 10 million KRW per child.

Since last year, Lotte Group has been undertaking restructuring by subsidiary to reduce costs and reorganize its business. The voluntary retirement at Lotte Wellfood is also seen as an extension of this policy.

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