Business · Companies · 1 hr ago
About 150 Shinhan Card staff apply for voluntary retirement
About 150 Shinhan Card employees reportedly applied for voluntary retirement in a programme held this month.
The applicants are regular employees with at least 15 years of service, and their planned departure date is October 31.
This is the company’s third voluntary retirement programme since its chief executive took office, following offers last June and January.
Shinhan Card says it is reshaping its workforce as card-market growth slows and competition from technology companies intensifies.
The programme offers former employees a chance to return, for up to two years, or up to four years for some employees born between 1970 and 1973.
The company’s total employee-related costs rose in the first half, mainly because of a sharp increase in retirement payments, even though costs excluding those payments fell by 4.1%.
Savings from the workforce changes may take time to appear, as the latest departures could bring further costs.
About 150 Shinhan Card employees applied for voluntary retirement, according to a report by Maeil Business.
The company accepted applications from regular employees with at least 15 years of service from October 15 to 21.
The applicants’ planned retirement date is October 31.
Shinhan Card is offering rehiring opportunities of up to two years, extended to up to four years for employees born from 1970 to 1973.
The company cited the need to reshape its workforce and employees’ wishes to plan for life after retirement.
- Who
- About 150 Shinhan Card employees applied for voluntary retirement.
- What
- Shinhan Card held a voluntary retirement program for regular employees with at least 15 years of service.
- When
- Applications were accepted from October 15 to 21, 2026. The planned retirement date is October 31.
- Where
- Shinhan Card, South Korea.
- Why
- The company cited workforce restructuring needs and employees’ wishes to plan for life after retirement.
This story does not have two clearly opposing sides.
Shinhan Card accepted voluntary retirement applications from eligible employees.
Maeil Business reported that about 150 employees had applied.
The applicants are scheduled to retire.
- Applicants
- About 150 employees
- Eligibility
- Regular employees with at least 15 years of service
- Application period
- October 15–21, 2026
- Planned retirement date
- October 31, 2026
- Rehiring opportunity
- Up to 2 years; up to 4 years for employees born from 1970 to 1973
1 source
What people are saying
It is difficult to confirm the number of voluntary retirement applicants.
We have pursued business portfolio adjustments and organizational restructuring, but there was an assessment that the high proportion of older and higher-ranking employees, among the highest in the industry, limited our ability to respond to the changing competitive landscape.
The company is changing its workforce structure while bearing the immediate cost of departures.
As this voluntary retirement may incur additional costs, it will take time for the cost savings from workforce reductions to be fully reflected in results.