Support for Resolving Wage Gaps in Small and Medium Partner Companies
[Asia Economy Reporter Lim Chun-han] Lotte Hi-Mart announced on the 9th that it has signed a 'Voluntary Agreement to Resolve Polarization' with the Win-Win Growth Committee.
Lotte Hi-Mart will carry out win-win growth activities worth a total of 67 billion KRW over the next three years to strengthen the technological competitiveness of small and medium-sized partners and to resolve the wage gap between large and small-medium enterprises. Taking this agreement as an opportunity, the company will strive to comply with the three principles of proper payment in the cooperation transaction process such as subcontracting, consignment, supply, and services (paying the right price, paying on time, and paying through win-win settlement).
It plans to support small and medium-sized partners in various fields including the establishment of an in-house labor welfare fund, joint research and development (R&D), fostering start-up companies, and supporting sustainable management. To stabilize management, it will create a win-win growth cooperative loan fund worth 60.5 billion KRW to provide low-interest loans. It will also assist partner companies in improving their wage payment capacity through programs for fostering start-ups and venture companies, sustainable management, and overseas expansion.
A Lotte Hi-Mart official said, “We are making efforts to take the lead in strengthening the competitiveness of our partners while maintaining a friendly relationship,” and added, “We will continue to operate effective win-win growth programs to show growth together with our partners.”
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