Lotte Department Store is implementing a voluntary retirement program.

According to Lotte Department Store on September 21, the company announced that it will accept applications for voluntary retirement from today until October 5.

The eligibility criteria for this voluntary retirement program apply to employees with 20 or more years of service (or 15 years or more for GL2 and below). Those who opt for voluntary retirement will receive an amount equivalent to 40 months of standard wages, along with an additional reemployment support fund of 20 million won (2,005 million won for GL2 and below).

Tuition support for children will be provided up to a maximum of 10 million won per child.

In addition, the company will offer a three-month paid "Re-Start" leave and reemployment training.

Lotte Department Store first implemented voluntary retirement in 2021, marking its first such program since the company's founding, and is now accepting voluntary retirement applications for the second time in five years.

This move is interpreted as an effort to lay a new foundation for growth through workforce restructuring, even as the department store industry posted strong earnings this year.

The company stated, "We will strive to discover talent suited to the new market environment through continuous hiring of newcomers and explore new growth opportunities."

Lotte Department Store recruited new employees for sales, merchandising (MD), and marketing roles in the first half of the year, and additional new hires for sales roles are scheduled for the second half.

(Photo provided by Lotte Department Store, Yonhap News)