Citibank Korea Proposes Exceptional Voluntary Retirement Package to Labor Union
Citibank Korea
has proposed an exceptional voluntary retirement package to the labor union to jumpstart the stalled process for sale of its consumer finance business unit.
The voluntary retirement plan
proposed by Citibank on Sept. 27 included provision of employees’ salaries until their retirement.If an employee has more than five years left until retirement,
the bank will pay him 90 percent of his standard salaries for the remaining period as a special severance pay.
If the remaining period is less than five years：
the bank will pay him 100 percent of the salaries until his retirement.
Employees’ monthly salaries：
are calculated by dividing annual salaries by 12 months.
The upper limit of the severance pay was set at 700 million won.
Businesskorea
http://www.businesskorea.co.kr/news/articleView.html?idxno=77472