Hankyung Association: "18 Groups Including Samsung and SK to Early Pay 6.3 Trillion KRW in Supply Payments Ahead of Lunar New Year"

Strengthening Support for Vulnerable Groups

Major conglomerates including Samsung Electronics will advance payment of delivery fees totaling 6.3 trillion won to small and medium-sized partner companies ahead of the Lunar New Year holiday.

The Korea Economic Association announced on the 20th that, according to a survey conducted via email and phone by the HKEC SME Cooperation Center, 78% of major conglomerates plan to make early payments of subcontracting and delivery fees to their partners before the Lunar New Year holiday. Early payments will begin 1 to 3 weeks before the holiday depending on the company, with an average of 2 weeks in advance.

Samsung is collaborating with its major affiliates to open direct trading markets for agricultural, livestock, and marine products to support small business owners. SK is using donations collected through its ESG program to assist vulnerable groups and provide mutual growth funds to partner companies. Hyundai Motor supports vulnerable groups with daily necessities and heating supplies and also donates vehicles. LG supports its partners through a financial support program worth 1.23 trillion won.

Shinsegae provides Onnuri gift certificates worth 200 million won to vulnerable groups. GS and KT offer interest-free and low-interest loans to their partners. POSCO and Lotte prepare Lunar New Year food kits and deliver them to vulnerable groups. S-Oil and HD Hyundai Heavy Industries continue their social contribution activities through rice cake soup sharing events and material support.

The survey was conducted from the 10th to the 15th targeting the top 30 groups, with 18 groups including Samsung, SK, and Hyundai Motor responding.

Meanwhile, on the 13th, the Korea Economic Association sent a cooperation letter to its member companies recommending early payment of partner delivery fees, purchase of domestic agricultural, livestock, and marine products, encouragement of employee annual leave use, promotion of domestic travel, stimulation of Onnuri gift certificate use, early contract signing for events, and advance payment of deposits, launching a 'Domestic Demand Activation and Small Business Support Campaign.'