SK On, the battery manufacturing subsidiary of SK Group, has announced the launch of a voluntary retirement program as part of its efforts to enhance workforce efficiency and to turn a profit by the end of this year.

In a statement released Thursday, SK On outlined two key initiatives: a special leave program aimed at fostering employee development and a voluntary departure program for workers considering early retirement. These measures come as the company navigates a slowdown in the EV industry and adjusts its long-term growth strategy.

As part of the special leave program, SK On will offer employees the opportunity to take time off to pursue personal growth and career development. The company will partially subsidize educational expenses, covering 50 percent of tuition for employees enrolled in academic programs during their leave, for up to two years. Upon the successful completion of their degree in a field relevant to their role, SK On will reimburse the remaining 50 percent when the employee returns to work.

According to an SK On representative, the initiative is designed to provide employees with a chance to recharge and acquire new skills that align with the company's evolving needs.

“This program allows our employees to prepare themselves for future challenges, while we adjust our business model to meet the demands of a volatile EV market,” the official said.

In addition to the leave program, SK On will introduce a voluntary retirement program for eligible employees. Workers who joined the company before November of last year will be able to apply for the program, which includes an incentive package. The package will provide 50 percent of the employee's salary along with a lump-sum payment for those opting for early retirement.

“These proactive measures are part of our effort to build a leaner, more agile workforce,” the company spokesperson added.