What: Lotte department store is offering its first-ever voluntary retirement since first opening 42 years ago.

Why it is important: The operator of the department store chain, Lotte Shopping, told employees that it will be accepting voluntary retirement applications. Around 2,000 staff members meet this qualification, the company said.

The restructuring program is particularly for staff members who have worked for the firm for more than 20 years. Voluntary retirees will receive a severance pay equal to 24-months of wage, KRW 30 million (USD 25,576) in compensations and another KRW 32 million as children’s university tuition payments.

Lotte Department Store offers first-ever voluntary retirement