Samsung Electronics launches large-scale voluntary retirement program

Samsung Electronics is conducting an unprecedented four rounds of large-scale voluntary retirement. In particular, the foundry manufacturing team will be reduced by more than 30%. According to a senior Samsung Electronics official on November 2, the first round of voluntary retirement will be given to CL3 (deputy manager level) employees who have worked for more than 15 years but have not obtained a grade within 5 years. The second round will be given to employees who have worked for more than 10 years. If the target is not met, the third round will be expanded to all employees. It is reported that the final fourth round will operate normally forever. The conditions for voluntary retirement are expected to be a total compensation of about 400 million won (currently about 2.064 million yuan), including severance pay based on CL3 and four months' salary of 380 million won.