Lotte Department Store Launches Second Voluntary Retirement Program in Five Years; Employees with 20 or More Years of Service Eligible

[Financial News] Lotte Department Store will implement a voluntary retirement program to respond to the rapidly changing retail environment and establish a foundation for medium- to long-term growth. This is its second such program since the first was introduced in 2021.
According to industry sources on the 21st, Lotte Department Store notified employees of the program in an internal announcement and will accept applications for approximately two weeks, through the fifth of next month.
The program is open to employees with 20 or more years of service. Employees at the GL2 level or below may apply if they have at least 15 years of service. The program will be offered only to eligible employees who apply.
Voluntary retirees will receive an amount equivalent to 40 months of base pay and a KRW 20 million reemployment support payment. For employees at the GL2 level or below, the reemployment support payment will be KRW 25 million. Tuition assistance of up to KRW 10 million will be provided per child.
In addition, the company plans to provide three months of paid “Re-Start leave” and “Step-Up reemployment training” to help employees prepare for new career paths after leaving the company.
Separately from the voluntary retirement program, Lotte Department Store will continue hiring new employees. After hiring entry-level employees for sales, merchandising, and marketing roles in the first half of the year, it plans to recruit entry-level employees for sales positions in the second half.
Lotte Department Store also plans to strengthen the competitiveness of its key stores, expand differentiated content and customer experiences, and build a foundation for medium- to long-term growth by expanding its overseas business and identifying new growth engines.

[email protected] Jang Yu-ha Reporter