Yeongdeungpo-gu, Early Payment of 1.1 Billion Won Contract Funds Ahead of Lunar New Year

Ahead of Seol Holiday, Early Payment of 1.1 Billion KRW to 22 Contracted Companies for Construction, Services, and Supplies... Expanding Electric Vehicle Infrastructure to Create an Eco-Friendly City

[Asia Economy Reporter Park Jong-il] Yeongdeungpo-gu (District Mayor Chae Hyun-il) announced that ahead of the Lunar New Year holiday, it plans to make early payments totaling approximately 1.1 billion KRW to 22 contracted companies to alleviate financial difficulties caused by COVID-19 and revitalize the local economy.

This initiative aims to shorten the payment procedures for contracts related to construction, services, and supplies, thereby securing cash flow for companies and promoting economic stability for both businesses and workers.

While payment typically takes up to 19 days from the completion of construction, the district plans to drastically reduce this to 10 days, enabling early payment before the holiday to primary and subcontractors, equipment and material suppliers, and on-site workers.

Usually, the district completes progress and final inspections within 7 to 14 days after confirming that contracted work has been performed as agreed, then pays the companies within 5 days of receiving payment claims.

However, ahead of the Lunar New Year, for progress and final inspections without defects, inspections will be completed immediately or within 7 days, and payments that were usually made within 5 days will be expedited to within 3 days, with all disbursements completed by January 28.

In particular, labor costs related to wages will be processed as quickly as possible by minimizing the time required, and payments for small-scale projects or goods purchases promoted by various departments and community service centers will also be completed before the holiday.

The district will also encourage advance payment applications before the holiday. Companies that have not yet received mandatory payments within the required payment rate will be guided to apply for advance payments in advance, and claims will be encouraged for companies that meet the requirements to ensure smooth funding.

Yeongdeungpo-gu Mayor Chae Hyun-il stated, "As we approach the great national holiday of Lunar New Year, we have decided to promptly pay various fees such as construction and services so that local companies, including construction firms, do not face difficulties in financing." He added, "We will do our best to prepare policies that stabilize residents' lives and revitalize the local economy so that both companies and workers can enjoy a rich and warm Lunar New Year holiday."

Yeongdeungpo-gu (District Mayor Chae Hyun-il) is accelerating efforts to create an eco-friendly leading city by enhancing convenience for electric vehicle users in accordance with the amended Eco-friendly Vehicle Act, which will take effect on the 28th.

The main points of the amended Eco-friendly Vehicle Act include ▲expanding the scope and installation ratio of mandatory electric vehicle charging facilities ▲changing enforcement authority (from metropolitan to local governments) and expanding enforcement targets ▲opening public sector-operated electric vehicle chargers. The district plans to actively establish related systems and build a rapid response framework to contribute to the activation of eco-friendly electric vehicle use in line with the new regulations.

First, the district will establish and implement a phased plan to expand electric vehicle charging facilities. Starting with proactive expansion centered on public institutions, the goal is to supply more than 2,000 chargers in public and private sectors by 2025, thereby expanding electric vehicle infrastructure throughout residents’ living areas.

In addition, the district will open dedicated charging facilities at district office departments and community service centers, and sequentially replace existing slow chargers at community centers with fast chargers within the year to enhance convenience for electric vehicle users.

Moreover, as enforcement authority is transferred to local governments and standards for enforcement in electric vehicle charging zones are strengthened, the district plans to respond promptly to charging inconveniences experienced by electric vehicle users. Especially since the number of enforcement targets within Yeongdeungpo-gu has expanded significantly from 13 to about 200 locations, promotional activities will be conducted to encourage voluntary compliance and stable institutional establishment.

Furthermore, continuous guidance will be provided to apartment complexes and related facilities, which have become mandatory installation targets for electric vehicle chargers under the amended law, to prevent any disadvantages due to non-compliance.

The district will actively seek activation measures in line with government and Seoul city policies to expand the supply of eco-friendly vehicles, and through close cooperation with local residents, related organizations, and private businesses, it plans to create a favorable environment for eco-friendly electric vehicle use.

Yeongdeungpo-gu Mayor Chae Hyun-il said, "The transition to eco-friendly vehicles, including electric cars, is an essential change for carbon neutrality." He added, "We will strive to establish a foundation where electric vehicles can be used conveniently anytime and anywhere, taking a step closer to realizing an eco-friendly green city Yeongdeungpo."