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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL, Aug. 18 — LG Electronics has launched a new voluntary retirement program for the first time in two years, as part of efforts to promote workforce renewal and strengthen organizational competitiveness.
According to industry sources, the program applies to employees over the age of 50 within the company’s Home Entertainment (MS) Business Division, as well as staff with low performance ratings over the past three years. Applications will be accepted through September. Employees who choose to retire will receive up to three years of salary along with tuition support for their children.
An LG Electronics spokesperson said, “The voluntary retirement program is being carried out as part of workforce circulation efforts, with the aim of accelerating the shift toward a younger, more dynamic organization and enhancing competitiveness.”
LG Electronics previously carried out similar programs in 2022 and 2023. While the number of employees in their 30s and 40s declined by 2.5% over the past two years, the number of staff aged 50 and older rose by 23%. According to the company’s Sustainability Report, LG Electronics had 11,993 employees aged 50 or older in 2024, up 1,547 from the previous year and accounting for 16.3% of the total workforce.
The company operates various voluntary retirement schemes, including its flagship Bravo My Life program. This initiative targets employees aged 50 and above who wish to retire, offering them reduced working hours for one year while providing training in entrepreneurship and new skills to support their post-retirement careers.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
