GM Korea to shed jobs via voluntary retirement program

SEOUL Tue Nov 20, 2012 3:11am EST

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SEOUL Nov 20 (Reuters) - The South Korean unit of General Motors has launched its first-ever "voluntary retirement" scheme open to about 7,000 office workers to enhance its organizational efficiency, a spokesman said on Tuesday.

The spokesman did not disclose a target for the workforce reductions and said production workers will not be affected. GM Korea started receiving applications for the plan on Tuesday and will close it on Dec. 14, he said.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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