Doosan Heavy is offering an early retirement program

Doosan Heavy Industries & Construction, the world’s leading desalination plant builder, said Tuesday that it plans to carry out a voluntary retirement program in its latest move to cut costs.

Doosan Heavy Industries & Construction said its employees aged 45 and above are eligible for the retirement program.

Currently, the number of eligible employees is about 2,600 out of its total of 7,600 employees, according to the company.

Doosan Heavy Industries & Construction said it remains uncertain about how many of its eligible employees will opt to leave the company in the first retirement program in five years, citing the voluntary nature of the program.

It did not elaborate on when the retirement program will take effect.

The company has offered to pay the equivalent of up to two years’ salary and college tuition for retirees’ children as well as severance pay.

In addition, those who have worked for the company for more than 20 years will receive another 50 million won ($42,000).

The latest retirement program comes as the company suffered net losses for the sixth consecutive year since 2014.

In 2014, some 200 office workers at Doosan Heavy left the company in a retirement program.

Yonhap