Coca-Cola Beverage, a subsidiary of LG Household & Health Care, initiated a voluntary retirement program aimed at some senior employees starting last month. This is the first voluntary retirement program for Coca-Cola Beverage since it was acquired by LG Household & Health Care in 2007. Coca-Cola Beverage is the key subsidiary that accounts for 90% of the beverage sales of LG Household & Health Care.
According to LG Household & Health Care on the 16th, its subsidiary Coca-Cola Beverage received applications for voluntary retirement from April 4 to 15. The eligible participants are those born before 1971 and employees working in sales and logistics departments.
The company has proposed to pay retirement bonuses equivalent to 5 months to 2 years of base salary, depending on age. It has also decided to support up to 4 semesters of educational funds for children. The scale of applications for voluntary retirement has not been disclosed.
Coca-Cola Beverage and LG Household & Health Care noted, "We conducted this voluntary retirement program to improve the phenomenon of workforce stagnation and create a virtuous cycle."