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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, July 25, 2024 — LG Uplus announced that it will launch a voluntary retirement program for employees aged 50 and above, marking the company’s first such initiative in three years.
Applications for the program will be accepted from August 1 to 19, with eligibility limited to employees who are at least 50 years old and have more than 10 years of continuous service as of December 31, 2024.
Under the program, eligible employees will receive a retirement support package of up to three times their annual salary, with the payout amount determined by birth year. Employees born in 1965 will receive 20% of their annual salary, those born in 1966 will receive 1.1 times their salary, those born in 1967 will receive 2.1 times, and those born on or after January 1, 1968 will be compensated with three times their salary.
In addition, education assistance will be provided for employees’ children. Middle school students will receive KRW 5 million each, high school students KRW 7 million, and university students will be reimbursed for actual tuition costs up to KRW 7.5 million per semester for up to four semesters.
LG Uplus stated that this voluntary retirement program is part of its broader efforts to offer support to long-serving employees while ensuring sustainable workforce management.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
