KB Insurance Offers Voluntary Retirement for the First Time in 3 Years... "Workforce Restructuring"

KB Insurance announced on the 18th that it will implement a "2024 Voluntary Retirement" program to improve its workforce structure.

KB Insurance decided on this voluntary retirement to enhance its workforce structure suitable for the rapidly changing business environment and to provide employees with an opportunity to start a new chapter in their lives. Applications will be accepted from the 19th, with retirement appointments scheduled for the 31st.

The eligibility for voluntary retirement includes ▲employees aged 45 or older with more than 10 years of service ▲employees with more than 20 years of service. Those who have entered or are scheduled to enter the wage peak system are also included. The voluntary retirement package will provide a special retirement allowance of up to 36 months' worth of monthly salary (one-twelfth of the annual salary). Additionally, living stabilization funds, job transition support funds, tuition fees, health check-up expenses for the employee and spouse will be provided, and a reemployment (contract) program can be chosen upon request.

The reemployment program consists of roles that leverage company work experience and foster a challenging spirit to produce results. Reemployment will be arranged according to the individual's preference.

A KB Insurance official stated, "The aging and seniority-heavy workforce structure is accelerating, causing a reduction in new hires and promotion bottlenecks. Under such a workforce structure, organizational dynamism decreases and individual employee motivation weakens, which can lead to a decline in competitiveness. Therefore, we are conducting voluntary retirement to create a vibrant and dynamic workforce structure." Following voluntary retirements in 2019 and 2021, this program, conducted after three years, aims to inject vitality into the organization by hiring new talent and establishing a foundation for "change" and "innovation" in a young and dynamic environment.