The Korea Times
Major construction firms in Korea are cutting staff as the housing downturn persists. Lotte E&C has become the latest example of the trend, launching a voluntary redundancy program. Earlier this week, the company informed employees that those who have worked for more than 15 years or are aged 45 and older are eligible to apply. The program offers compensation worth up to 30 months of base pay, a special bonus of 30 million won ($20,000) and up to 10 million won in tuition support per child. “This program is not just about reducing headcount but about structural reform,” a company official said. “It is a preemptive move to make our organization younger and stronger.” Lotte E&C added that it plans to keep hiring this year, noting that it brought on 39 new employees in the first quarter. Even so, Lotte and other major construction firms continue to scale back their workforces. Last December, Hyundai Engineering introduced a “career rebuilding” program for employees aged 45 to 60, providing financial support for career changes and tuition assistance for their children. POSCO E&C also
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