Doosan Heavy Industries & Construction Implements Voluntary Retirement... Targeting Employees Aged 45 and Above

[Asia Economy Reporter Ki-min Lee] Doosan Heavy Industries & Construction, which is experiencing business deterioration, will implement voluntary retirement.

Doosan Heavy Industries & Construction announced on the 18th that it will implement voluntary retirement to reorganize the organization and improve efficiency according to the business and financial status. The voluntary retirement targets are employees aged 45 and above (born in 1975), including technical and office workers, and applications will be accepted for two weeks from the 20th of this month to the 4th of next month.

Doosan Heavy Industries & Construction plans to pay statutory severance pay and up to 24 months' wages depending on the length of service to those who take voluntary retirement. Additionally, employees with more than 20 years of service will receive an extra consolation payment of 50 million KRW, and support for children's tuition, congratulatory and condolence events, and health checkups will be provided for up to four years.

Doosan Heavy Industries & Construction explained the background of this voluntary retirement implementation, stating, "In recent years, the global power generation market has been stagnant, causing global power companies to face management difficulties. The uncertainty in the domestic market also remains, and Doosan Heavy Industries & Construction has experienced difficulties in business operations."

Doosan Heavy Industries & Construction added, "To overcome this business environment, we have been making various self-help efforts such as business diversification aligned with global energy market trends (domestic production of gas turbines, wind power, hydrogen, etc.), new technology development, and financial structure improvement. In particular, we have made strong efforts to reduce fixed costs, including reducing executives, unpaid leave rotation, transfers to affiliates, and department reassignment, but restructuring the workforce has become inevitable in the process of normalizing management."