Baemin's Kim Bong-jin Donates 100 Billion Won of Personal Wealth to Employees in Stock Gifts... 50 Million Won Per Person

[Asia Economy Reporter Kim Bo-kyung] Kim Bong-jin, chairman of the board of directors of Woowa Brothers, the operator of Baedal Minjok, is donating personal assets worth around 100 billion KRW to distribute stocks to about 2,100 employees and riders.

The average stock gift per Woowa Brothers employee is expected to reach approximately 50 million KRW. Long-term riders will be granted stocks worth between 2 million and 5 million KRW per person next month.

According to Woowa Brothers on the 11th, Chairman Kim sent a message to employees and riders stating, "I would like to give OO shares of Delivery Hero (DH) in Germany that I own."

First, personal stocks of Chairman Kim will be gifted to all 1,700 members of Woowa Brothers, Woowa Cheongnyeon, and overseas subsidiaries (Vietnam and Japan) who joined by the 28th of last month.

Chairman Kim will distribute stocks differentially based on length of service regardless of employee rank or performance. The average gift amount per employee is about 50 million KRW. The gifted stocks will be received three years later according to the contract terms with DH.

On the 2nd, delivery motorcycles were lined up at a local center of a delivery agency in downtown Seoul. As the novel coronavirus disease (COVID-19) resurges, the volume of delivery orders has surged, causing ongoing difficulties in securing delivery personnel. According to Baedal Minjok, the total number of orders during the last week of August, from the 24th to the 30th, when COVID-19 spread was severe, increased by 26.5% compared to the last week of July, from the 20th to the 26th. Photo by Kim Hyun-min kimhyun81@

Among non-employee contract riders, those who have maintained contracts for over a year and have delivered more than 20 orders per day for at least 200 days annually will also receive stock gifts. The amount per person ranges from 2 million to 5 million KRW depending on the period worked.

Meanwhile, 1,390 riders who do not meet the stock grant requirements, such as new hires, but have completed a certain number of deliveries will receive a consolation payment of 1 million KRW each.

About 830 non-regular B Mart crew members (warehouse staff) and fixed-term employees will also receive consolation payments ranging from 1 million to 1.5 million KRW per person.

A total of about 2,100 people are eligible for stock gifts, and consolation payments will be given to about 2,200 people.

Woowa Brothers explained, "This stock gift is separate from the social contribution assets promised through the Giving Pledge," adding, "It is a distribution of Chairman Kim’s personally held stocks."