[Alpha Biz= Reporter Kim Jisun] Yogiyo, a food delivery app, is implementing its first-ever voluntary retirement program as part of cost-cutting measures.
Yogiyo has fallen to third place in the delivery app market, behind Baedal Minjok (Baemin) and Coupang Eats.
On the 28th, Yogiyo's operating company, WeGreatPeople, sent an email to employees, announcing the voluntary retirement program.
There are no restrictions on position, title, years of service, or age for those eligible. Employees who wish to apply can do so between the 2nd and 13th of next month, with the final retirement date set for the 27th of the same month after a review process.
Yogiyo will offer severance pay equivalent to four months of fixed monthly salary to those who opt for voluntary retirement. Employees with less than one year of service will receive a proportional payment based on their days worked.
The company will also provide career counseling, interview coaching, and psychological counseling for up to three months to assist with career transitions.
This is the first time Yogiyo has implemented a voluntary retirement program since its founding in 2011.
At its peak, Yogiyo had around 1,100 employees, but this number has now decreased to just over 1,000 due to some departures.
WeGreatPeople, Yogiyo's operating company, continues to struggle with financial losses. Last year, the company recorded an operating loss of 65.5 billion KRW, a 41% reduction from the previous year's loss of 111.6 billion KRW. However, the net loss reached 484.1 billion KRW.
Sales last year increased by 8.2% to 285.7 billion KRW, up from 264 billion KRW in the previous year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
