[Asia Economy Reporter Kwon Jae-hee] KB Securities is implementing voluntary retirement for the first time in two years. Amid market instability and tightening liquidity in the capital markets, small and mid-sized securities firms have been reducing their workforce, and with the large firm KB Securities joining this trend, attention is focused on whether a wave of restructuring will spread throughout the securities industry.
According to KB Securities on the 9th, applications for voluntary retirement will be accepted from today until the 15th. Eligible candidates are regular employees born on or before December 31, 1982.
Those who joined after January 1, 2017, and those expected to enter the 2023 wage peak system are excluded from eligibility.
The conditions include a basic severance pay of up to 34 months' salary, with an additional maximum of 50 million KRW provided separately, including living support and job transition assistance.
A KB Securities official stated, "This voluntary retirement is purely voluntary, conducted only for employees who wish to participate, as agreed upon by labor and management. Applications will be accepted until the 15th, and the retirement process is planned to be completed within this year."
Previously, Hi Investment & Securities and Daol Investment & Securities also conducted voluntary retirement procedures targeting their employees.
Cape Investment & Securities officially decided on the 1st of last month to abolish the Corporate Division (corporate sales department) and the Research Division, and Ebest Investment & Securities is reportedly preparing organizational restructuring by assessing the necessity of department mergers and workforce reductions.
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