Hite Jinro implements voluntary retirement for the first time in 4 years... For employees with more than 15 years of service

Hite Jinro [000080] announced on the 11th that it will implement voluntary retirement for employees with more than 15 years of service.

This is the first time in four years since 2022 that Hite Jinro will implement voluntary retirement.

Applications for voluntary retirement will be processed for two weeks from today to the 25th, and the company plans to finalize the candidates through internal review.

In addition to severance pay, retirees are paid compensation based on years of service.

20 months' worth of compensation is paid to employees with more than 15 to less than 20 years of service, and 36 months' worth of compensation is paid to employees with more than 20 years of service.

Hite Jinro explained that it plans to support major welfare programs even after retirement.

A Hite Jinro official said, "In order to respond to stagnant growth in the domestic alcohol market, changes in the consumption environment, and expansion of internal and external management uncertainties, we are pursuing various management improvement activities to secure a stable profit base and strengthen future competitiveness."

He added, “This voluntary retirement plan was designed to build a sustainable management environment and promote future growth, while also helping employees prepare for their second lives.”

Previously, Lotte Chilsung Beverage [005300] also decided to implement voluntary retirement this year, following last year. The target group is executives and employees who were born before December 31, 1981 and have worked for more than 10 years.