Yuhan-Kimberly, a leading consumer goods maker in Korea, said Wednesday it signed a memorandum of understanding with the Social Solidarity Bank and the Korea Labor Force Development Institute for the Aged in an effort to launch a retail business for seniors citizens.

“The three companies agreed to launch a senior-friendly retail enterprise in October, in which seniors will comprise more than 70 percent of its entire workforce,’’ a company official said. “The new company will offer consumer goods and services to seniors.’’

Yuhan-Kimberly and the Social Solidarity Bank will fund the plan by each donating 300 million won ($293,000). The Korea Labor Force Development Institute will handle the operations of the new enterprise.

“We expect the project will contribute to creating more jobs for seniors,” a Yuhan-Kimberly official said.

(jyseo@heraldcorp.com)