Shiseido is offering early retirement for around 1,500 positions in Japan as the skincare firm seeks to boost growth and profitability.

The plan will be offered to employees who meet certain age and tenure requirements, and applications will be open April 17 through May 8, the company said in a statement on Thursday (Feb 29). The estimated financial impact of the measure has already been incorporated into its full-year forecast, it said.

“After Covid and with the Japanese economy starting to recover, there has been an increase in opportunities to examine new career options, while reconsidering factors such as working styles and life plans,” the company said. “Amidst that background, Shiseido Japan will implement significant reforms, which will support those employees exploring alternative opportunities beyond the company.”

Shiseido’s early retirement plan is part of a broader group of measures the company said will help it achieve sustainable growth and improved profitability. It’s also set to focus on developing new markets and is looking to cut costs by about 25 billion yen (S$224.3 million) over the next two years. BLOOMBERG