Lotte pledges 24,000 jobs for young adults

Workers attach a celebratory message on the exterior of Lotte World Tower in Jamsil, southern Seoul, Friday, days before the 70th anniversary of Korea’s liberation from Japanese colonial rule, which falls on Aug. 15. / Yonhap

By Park Jin-hai

Lee In-won Lotte vice chairman

Local retail giant Lotte said Friday it will hire 24,000 young adults by 2018 as part of its effort to join in the government initiative to resolve the youth unemployment problem.

The announcement came a day after President Park Geun-hye in a televised speech said labor market reform should start with the creation of jobs, urging companies to increase their employment of young people.

Park said, “Solving youth unemployment will play a key role in setting up a solid foundation for social growth and addressing the nation's low birthrate. It's time to make a determination for our sons and daughters, as well as for the future of the country.”

The company said it is also a decision to have sustainable future growth for the company.

“Creating jobs is a company's responsibility, as well as a foundation for sustainable growth. We plan to bolster employment to give more opportunities to competitive young people.” Lee In-won, Lotte vice chairman, said in a statement.

Roughly 40 percent of the new hires, including internships, will be set aside for female candidates, according to the company.

It will also increase new hires over the long term.

Lotte will hire 60 percent more people by 2020, compared with this year, which amounts to a total of 155,000 people employed by the company. When indirect employment through its subcontractors is included, the company estimates the number will reach nearly 590,000 people.

Currently, it hires 95,000 people annually and the number stretches to 350,000 when indirect employment is tallied.

From this year, the company said it will kick off its “Spectacle Audition,” where candidates will submit their work-related experiences in essay form, without considering the applicants’ credentials that are not related to the jobs for which they apply.

The unemployment rate for young people between the ages of 15 and 29 stood at 10.2 percent in June, compared with the overall jobless rate of 3.9 percent, according to government data.