South Korea’s second-largest travel agency offers voluntary retirement program

This photo taken on Monday shows an employee of Modetour Network Inc. in Seoul. (Yonhap)

Modetour Network Inc., South Korea’s second-largest travel service provider, offered a voluntary retirement program for the first time in the company’s history after suffering from the long-lasting novel coronavirus pandemic, said on Sunday. industry insiders.

All 990 employees of the travel agency will be eligible to apply for the program, according to the sources. Senior executives have already resigned due to deteriorating business conditions at the company.

Earlier this month, workers at Modetour were put on unpaid leave.

“We are discussing further restructuring measures with the union,” said a company official. “While sentiment in the industry is improving, many have conservative views on the pace of its improvement, so we thought it would be difficult to move forward with the current unpaid leave program. “

Due to the COVID-19 pandemic, Modetour saw its sales drop 81.5% to 54.9 billion won ($ 48.6 million) in 2020, while growing to a net loss of 61 billion won. won.

South Korea’s leading travel agency, Hana Tour Inc., already started the workforce restructuring program earlier this year, while Lotte Tour Development Co. launched a voluntary retirement program to lay off workers. a third of its employees last year. (Yonhap)

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