Hyundai Engineering Operates 97 Billion KRW Partner Win-Win Program Over 3 Years

Dongbanwi and Voluntary Agreement to Resolve Polarization

[Asia Economy Reporter Kim Bo-kyung] Hyundai Engineering will operate a win-win cooperation program worth a total of 97 billion KRW over three years for partner small and medium-sized enterprises (SMEs) and employees.

The Win-Win Growth Committee and Hyundai Engineering signed a voluntary agreement on June 6 to resolve polarization together with partner SMEs.

According to the main contents of the agreement, Hyundai Engineering will first strive to comply with the principle of proper payment in subcontracting and consignment transactions.

In particular, it promised to resolve difficulties faced by partner SMEs due to raw material price fluctuations by operating a delivery price adjustment consultation system.

Starting this year, it will operate various win-win cooperation models worth a total of 97 billion KRW over three years, including wage and welfare improvements, enhancement of wage payment capacity, and financial support for management stability.

Specifically, support will be provided through technology development assistance, performance sharing, Tomorrow Filling Deduction (Naeil Chaeum Gongje), incentives for excellent safety management partners, and the establishment of a win-win growth fund.

Partner SMEs will strive for fair transactions among partner companies, as well as △ strengthening innovation efforts such as research and development (R&D) and productivity improvement △ improving product and service quality and enhancing price competitiveness △ improving employee working conditions and expanding new employment.

The Win-Win Growth Committee will cooperate to provide opportunities for technical and purchasing consultations to ensure the practice of polarization resolution and win-win growth activities, and will promote best practices.

Oh Young-gyo, chairman of the Win-Win Growth Committee, stated, "Through Hyundai Engineering’s win-win cooperation activities such as joint technology development, ESG consulting support, and wage support for partner company employees, we hope to create a better virtuous cycle corporate ecosystem."