Hite Jinro is accepting voluntary retirement applications from employees with at least 15 years of service. It is the first such program in four years, since 2022.
The application period is two weeks, from the 11th to the 25th. The company will decide the final retirees after an internal review.
Retirees will receive a bonus payment in addition to the statutory severance pay. The size of the payment varies with length of service. For 15 to under 20 years of service, it is 20 months' pay. For 20 years or more, it is 36 months' pay. Major in-house welfare programs will continue to be supported after retirement.
The company explained that it is carrying out management improvement activities in response to stagnant growth in the domestic liquor market, changes in the consumption environment and growing internal and external business uncertainty. A Hite Jinro official said, "This voluntary retirement program was prepared to build a sustainable business environment and pursue future growth while enabling employees to prepare for a second life."
Workforce reductions in the liquor industry are continuing. Lotte Chilsung Beverage carried out voluntary retirement this year as well, following last year. The targets were executives and employees born on or before December 31, 1981 with at least 10 years of service. As the slump in domestic demand drags on, companies appear to be speeding up workforce efficiency efforts.