Lotte Property & Development said on the 15th through an in-house notice that it will implement a voluntary resignation program. This is the first time Lotte Property & Development has carried out a voluntary resignation program since the company was founded in 1982.
According to the industry, Lotte Property & Development notified employees in the morning of plans to implement a "Next Chapter Program." Eligible employees are those age 45 or older or with at least 10 years of service. Applications will be accepted through the 26th, and applicants will receive up to 24 months of severance based on average wage, depending on years of service.
In addition, if an employee has a child in college, the company will provide 10 million won in tuition per child, and it will also offer a job search allowance equal to three months of the average wage. For those who want it, the company also plans to support a career consulting program to help with future career paths and planning.
Lotte Property & Development said this voluntary resignation program is not a simple workforce reduction, but part of creating a virtuous cycle of talent and securing new growth engines. As it fully expands its core business area into real estate development, the company said the measure is intended to establish a talent circulation system, including building an organization structure centered on the expertise that matches this shift.
Earlier, at the end of Mar., Lotte Property & Development disclosed the purchase of the Yangpyeong-dong site from Lotte Chilsung Beverage and began in earnest a new real estate development project for the first time in about 10 years since the completion of Lotte World Tower in 2016.
A Lotte Property & Development official said, "The goal is to support employees so they can proactively design new careers as the company expands its core business areas," adding, "We will focus on strengthening the expertise and competitiveness of the real estate business to respond quickly to the changing market, expand our business areas, and achieve sustainable growth."