2023-12-03 10:20:04
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Lotte Mart implements year-end voluntary retirement. Lotte Mart has begun restructuring its organization once more two years following implementing voluntary retirement for the first time since its founding in 2021.
According to Lotte Mart on the 3rd, those eligible for this voluntary retirement are those who have been in all senior positions for 10 years or more. This method continues until the resources related to voluntary retirement are exhausted. Applicants for voluntary retirement will be paid up to 27 months of basic salary as retirement consolation money, depending on the number of years of service. In addition, re-employment support funds ranging from 20 million to 50 million won are paid depending on the position. Up to two children are provided with tuition of 5 million won per child.
Lotte Mart’s restructuring appears to be due to the fact that the business environment in the distribution industry continues to become more difficult. In fact, Lotte Mart explained the background of the implementation through a notice on the company bulletin board as “overcoming sales crises in a changing distribution environment and transitioning to a young and flexible organization.”
Meanwhile, Lotte Mart implemented voluntary retirement twice in the first and second half of 2021. In addition to Lotte Mart, Lotte Group affiliates such as Lotte Home Shopping and Lotte Hi-Mart have implemented voluntary retirement due to the difficult business environment during the pandemic.
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