LG CHEM will implement voluntary retirement for employees aged 58 and older working in the institutional sector of petrochemicals.
On the 28th, according to LG CHEM, the company has recently begun a procedure to confirm the intentions of employees eligible for voluntary retirement at its petrochemical plants in Yeosu and Daesan. Voluntary retirement applies to both production and office workers.
LG CHEM is reportedly meeting individuals to gather intentions rather than accepting applications for voluntary retirement through a company-wide announcement. If they opt for voluntary retirement, they will be compensated with a salary equivalent to the remaining period until retirement. The retirement age is 60. Additionally, the company plans to support college tuition for employees' children. However, it has been reported that there will be no separate consolation payment.
LG CHEM noted, "Even in the past, when adjustments to operations were made according to market conditions, voluntary retirement has been implemented," and added, "This voluntary retirement is not being carried out as part of a restructuring effort."