Standard Chartered Korea on Friday unveiled a voluntary retirement scheme for its employees, apparently as part of a global restructuring program by its London-based holding company, Standard Chartered PLC.

The bank said it planned to receive applications for voluntary retirement for five days starting Monday. It did not specify the number of its employees eligible for the early retirement plan, only saying anyone who is aged over 40 years old and has worked at the bank for more than 10 years will be eligible.

Market watchers said the criteria are expected to include nearly half of the bank's 5,600 employees here.

Those who are allowed to retire under the special program will receive between 32 and 60 months worth of their wages in special severance pay, depending on the time of their service at the bank.

The move, however, comes less than 10 months after the bank's new chief, Park Jong-bok, in his inauguration speech, vowed to protect the jobs of 5,600 employees.

Park on Friday said the restructuring plan sought to "pre-emptively prepare against worsening conditions," while also stressing that the move comes under a prior agreement from the bank's labor union.

Earlier in the month, the Standard Chartered group announced a plan to lay off some 15,000 workers globally.

In the third quarter, the South Korean branch of the multinational banking corporation posted a net loss of 3.5 billion won ($3.03 million). (Yonhap)