Suhyup Allocates 180 Billion Won for Member Union Funding Next Year... Preparing for High Interest Rates and Inflation

The National Federation of Fisheries Cooperatives (Suhyup) has increased the 'Member Support Fund' for fishermen and member cooperatives to 180 billion KRW next year, an increase of 80 billion KRW compared to this year.

On the 24th, Suhyup held an extraordinary general meeting at the Dokdo Hall on the 2nd floor of its headquarters, attended by heads of fisheries cooperatives nationwide, and finalized the 2024 budget plan.

In preparing the budget for next year, Suhyup decided to strengthen support for fishermen and member cooperatives in anticipation of prolonged deterioration in fishing conditions due to high interest rates and high inflation.

The total scale of next year's projects is set at 12.2368 trillion KRW, with guidance projects increasing by 84.9 billion KRW from this year to 252.2 billion KRW, mutual finance projects at 9.5988 trillion KRW, insurance projects at 700 billion KRW, and economic projects at 1.6858 trillion KRW.

Due to the high interest rate trend, the scale of deposits from member cooperatives has increased, leading to an expansion in the project scale. Accordingly, next year's net income is targeted at 168.9 billion KRW, including the special account for credit business.

Suhyup expanded the member support fund to 180 billion KRW, an increase of 80 billion KRW compared to this year. Through two consecutive years of increases, it plans to continuously discover support projects at the central federation level. Additionally, a new budget of 3 billion KRW was allocated for win-win finance, including the development of special savings deposits to support the fishing village economy and fishermen.

Labor Jin, Chairman of Suhyup, said, "Next year, the domestic and international conditions surrounding the fisheries industry are expected to remain challenging. Suhyup promises to be a strong support for fishermen and member cooperatives, and we ask everyone to join forces to bring dreams and hope to fishermen."