Alphabiz - LG Electronics Expands Voluntary Retirement Program to Employees in Their 40s

Photo courtesy of Yonhap News

[Alpha Biz= Paul Lee] LG Electronics has launched a voluntary retirement program for certain employees, expanding eligibility to include workers in their 40s.

According to industry sources on April 14, the program targets long-tenured employees and those subject to workforce adjustments. The eligible age range has been lowered from employees in their 50s to those in their 40s.

Participation is voluntary. Depending on years of service, employees may receive severance packages of up to three years’ salary, along with additional support for children’s education expenses for up to two years.

The company stated that the program is part of an ongoing initiative aimed at enhancing organizational efficiency and competitiveness through workforce circulation.

Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)