HiteJinro Offers "Voluntary Retirement" for First Time in 4 Years... "As Part of Management Improvement Efforts"
Employees with at least 15 years of service targeted... to cut labor costs
"Building a sustainable business environment through more fundamental improvements"
HiteJinro is offering a voluntary retirement program to employees with at least 15 years of service, the first such program in four years since 2022. Amid declining liquor consumption, the move appears aimed at reducing labor costs and easing business uncertainty. HiteJinro employees have an average tenure of 18 years and 4 months, and average annual pay per employee is 124 million won.
According to industry sources on November 11, HiteJinro is accepting applications from employees with at least 15 years of service from November 11 through November 25. Employees may apply voluntarily, and the company will select participants after reviewing the applications.
In addition to severance pay, employees with at least 15 but fewer than 20 years of service will receive compensation equivalent to 20 months' pay, while those with at least 20 years of service will receive compensation equivalent to 36 months' pay. The company also plans to continue providing key welfare programs after employees leave.
This is HiteJinro's first voluntary retirement program since 2022. At the time, the company also accepted applications from employees with at least 15 years of service. The compensation was equivalent to 34 months of ordinary wages for employees with at least 15 but fewer than 20 years of service, and 40 months for those with at least 20 years.
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A HiteJinro representative said, "With growth in the domestic liquor market stagnating, consumer environments changing, and business uncertainty increasing both at home and abroad, we are working to secure a stable profit base and strengthen our future competitiveness through various management improvement initiatives. This voluntary retirement program is also intended to build a sustainable business environment through more fundamental improvements and promote future growth, while helping employees prepare for the next chapter of their lives."
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