At KB Kookmin, 2,800 workers apply for early retirement

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At KB Kookmin, 2,800 workers apply for early retirement

Nearly 2,800 employees from KB Kookmin Bank, the nation’s biggest lender, will retire next month through the bank’s early retirement program. Workers with tenure of more than 10 years and employees older than 55 are eligible.

The bank will provide severance pay equivalent to 27 months of salary. For employees with long tenures, the bank will offer payment equal to 36 months of salary as severance.

The move by the bank to reduce its workforce comes with the spread of mobile banking, which has reduced the need for customers to visit brick-and-mortar branches.

This is the first time that the company has included employees with just 10 years of experience for the retirement program. Often, the early retirement applies to workers in their 40s or 50s.
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