[Alpha Biz= Kim Jisun] LG Chem has launched a voluntary retirement program for employees with more than 20 years of service, as the company seeks to restructure its organization amid a prolonged downturn in the petrochemical sector.

According to LG Chem on March 5, the company will accept applications for voluntary retirement from March 5 to April 9. Eligible employees are those who joined the company before Dec. 31, 2006, with roughly two decades of service.

The program will be conducted on a voluntary basis, with final participants determined through an internal review process. Employees who accept the offer will be provided with career transition and reemployment training programs, the company said.

LG Chem has already implemented similar measures in recent months. In December last year, the company carried out voluntary retirement in its Advanced Materials division, targeting employees born in 1970 or earlier regardless of job function.

Earlier in August, the company also offered voluntary retirement to workers aged 58 and older in its petrochemical division who were subject to the wage-peak system.

South Korea’s petrochemical industry has been facing a structural downturn due to a slowdown in global demand and an oversupply driven largely by China. In response, companies are accelerating business restructuring and portfolio adjustments to improve operational efficiency.

 

 

 

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