SK On, which is under emergency management due to EV slump, starts voluntary retirement recruitment for the first time in South Korea

SK On, a major battery manufacturer, is implementing a "New Chapter Support Program" for all employees, offering voluntary retirement and unpaid leave of absence for self-development.
Those who joined the company before November 2023 are eligible for voluntary retirement. Applicants will be paid 50% of their annual salary and short-term incentives.
The New Chapter Support Program covers 50% of tuition fees for two years for students who wish to continue on to a degree, master's, or doctoral course.
If they return to work after obtaining a degree related to their job, the remaining 50% will be provided.
The company recorded an operating loss of 460.1 billion won (approximately 50.1 billion yen) for the April-June 2024 period due to initial costs for a new factory built in Seoul. This marks the 11th consecutive quarter of losses since the company was established.
In response to this, from the end of 2023, the company will require executives to fly economy class even when traveling overseas, and will keep the annual salaries of all employees constant until the company turns a profit.
Prior to this, SK Group had acquired SK On, SK Trading International, which sells petroleum products, and SK Energy, which sells crude oil, a tank terminal.
The merged company's sales revenue in 2023 is expected to reach 62 trillion won (approximately 6.7546 trillion yen).