HiteJinro launches voluntary retirement program for first time in four years... “Building a sustainable business environment”

[Financial News] HiteJinro is launching a voluntary retirement program for long-serving employees for the first time in four years. Lotte Chilsung Beverage and OB Beer have also successively offered voluntary retirement, ushering in a broader push to streamline staffing across the liquor industry. According to industry sources on the 11th, HiteJinro will accept applications for voluntary retirement for two weeks starting that day from employees with at least 15 years of service. The company’s previous voluntary retirement program was in 2022, four years ago. Eligible employees will be selected after applications are received and an internal review is conducted.
Those taking voluntary retirement will receive special compensation equivalent to 20 months’ pay for employees with at least 15 years of service and 36 months’ pay for those with at least 20 years of service. The company also plans to continue providing major employee benefits after their retirement.
A HiteJinro representative said, “Growth in the domestic liquor market is stagnating, while changes in the consumption environment and uncertainty surrounding business conditions at home and abroad are increasing,” adding, “This voluntary retirement program was designed to build a sustainable business environment and pursue future growth, while also helping employees prepare for the next chapter of their lives.”
With HiteJinro now joining them, workforce cuts appear to be spreading across the liquor industry. Lotte Chilsung Beverage had earlier decided to offer voluntary retirement to executives and employees born before December 31, 1981, and with at least 10 years of service, while OB Beer launched a voluntary retirement program last October for employees with at least five years of service.


[email protected] Park Kyung-ho Reporter