LG shows that voluntary leave is implemented in South Korea: a maximum of 12 months of paid rest, only 50% of the regular salary.

Thanks to CTOnews.com netizen OC_Formula for the clue delivery! CTOnews.com, January 24, LG Display (LG, LGD) will implement an independent suspension system for all affairs staff in South Korea. Employees can take up to 12 months of paid leave, and the company pays 50% of the fixed salary.

According to the CINNO report, citing sources, the implementation of independent paid leave for business staff is the first self-rescue measure taken to restore financial stability and improve operational efficiency since LG was founded.

According to industry news, LG shows that from January 25, all employees will be accepted for free leave, and will be suspended for at least 3 months and up to 12 months according to the situation of the department. Staff members who wish to retire will undergo internal review to determine their suitability and finally approve the leave. The number of retirees is expected to be about 100.

Sources said that at a time when an unprecedented decline in market demand led to an increase in idle workers, LG showed that the move was aimed at improving the efficiency of manpower operations and giving employees time to recharge and develop themselves.

CTOnews.com learned that due to the impact of the epidemic and the global economic recession, stocks of televisions and other electronic products have also been piling up in recent years. LG has previously announced that it will stop producing LCD LCD TV panels in South Korea, focusing on OLED TV panels and the car market, but is still losing money.

LG showed a loss of 488.3 billion won (currently about 2.691 billion yuan) in the second quarter of 2022 and another 759.3 billion won (currently about 4.184 billion yuan) in the third quarter of 2022, a move expected to reduce costs and increase efficiency in an effort to restore performance.