SK Group to Advance Payment of 327.2 Billion KRW to Partners Before Chuseok

Advance Payment to Resolve Partner Companies' Financial Difficulties

SK Group announced on the 12th that it will make early payments of approximately 327.2 billion KRW in delivery payments to ease the financial burden on its partner companies ahead of the Chuseok holiday. Seven affiliates are participating, including SK Hynix with 121 billion KRW, SK Telecom with 126 billion KRW, SK C&C with 40 billion KRW, SK Siltron with 27.6 billion KRW, SK Ecoplant with 9.4 billion KRW, SK Chemical with 2.4 billion KRW, and SK Materials with 800 million KRW.

SK REITs (SK Entrusted Management Real Estate Investment Company) will enter the KOSPI market next month. On the 18th, the SK Group headquarters located in Jongno-gu, SK Seorin Building. Photo by Mun Ho-nam munonam@

This early payment is a measure to support partner companies whose financial demands temporarily increase around the holiday period due to raw material payments and employee bonuses.

SK Group has been making advance payments of delivery fees before Lunar New Year and Chuseok every year to help alleviate financial difficulties of partner companies. Last Chuseok and this Lunar New Year, early payments of 167.6 billion KRW and 211.6 billion KRW were executed, respectively.

An SK representative stated, "SK affiliates consider the financial management circumstances of partner companies and strive to achieve practical win-win effects through early payments even during normal times."

Additionally, SK Group plans to purchase approximately 13.7 billion KRW worth of traditional market Onnuri gift certificates to revitalize the domestic market around Chuseok. Including 3 billion KRW for supporting local communities where business sites are located, and 500 million KRW for supporting out-of-home youth and children suffering from food insecurity, about 5 billion KRW will be used for social contribution activities to help revitalize the local economy and support marginalized groups.

An SK representative said, "We will continue to strengthen various win-win activities that can practically help small and medium-sized partner companies for mutual growth."