"Hyundai Motor Group's 'Win-Win Management,' Early Payment of 1 Trillion KRW to Partners Before Lunar New Year Holiday"

[Asia Economy Reporter Suyeon Woo] Hyundai Motor Group is engaging in win-win management by advancing payment of delivery fees and purchasing Onnuri gift certificates ahead of the Lunar New Year holiday.

On the 13th, Hyundai Motor Group announced plans to advance payment of delivery fees totaling 1.0073 trillion KRW to ease the financial burden of its partners during the Lunar New Year holiday. Additionally, Hyundai Motor Group will purchase approximately 11.8 billion KRW worth of Onnuri gift certificates to distribute to group employees and plans to deliver holiday gifts to underprivileged neighbors and affiliated facilities during the employee volunteer week.

This early payment of delivery fees will target about 3,000 partner companies supplying parts, raw materials, and consumables to six companies: Hyundai Motor Company, Kia Corporation, Hyundai Mobis, Hyundai Construction, Hyundai Steel, and Hyundai Wia.

By advancing delivery fee payments ahead of the holiday, Hyundai Motor Group expects to help partner companies alleviate the temporary concentration of financial demands such as bonuses, various wages, and raw material payments. Furthermore, first-tier partners will be encouraged to advance payments to second- and third-tier partners before the Lunar New Year, aiming to expand the effect of early payments.

Hyundai Motor Group has been prepaying delivery fees before major holidays such as Lunar New Year and Chuseok to help partner companies overcome financial difficulties. Last year, it advanced payments of 1.1295 trillion KRW and 1.4181 trillion KRW before Lunar New Year and Chuseok, respectively.

A Hyundai Motor Group official stated, "We decided to advance delivery fee payments to our partners ahead of the Lunar New Year, when financial demand is highest. We will strive to ensure that these funds are distributed evenly to second- and third-tier partners so that partner employees can have a warm Lunar New Year."

In addition, Hyundai Motor Group purchased approximately 11.79 billion KRW worth of Onnuri gift certificates to revitalize traditional markets and stimulate domestic consumption. Last year, the group purchased 12.75 billion KRW and 25.73 billion KRW worth of Onnuri gift certificates before Lunar New Year and Chuseok, respectively. This Lunar New Year, the group will also operate an 'Employee Online Shopping Mall' where employees can purchase about 14,800 Korean agricultural products.

Moreover, Hyundai Motor Group designates the period before and after the Lunar New Year and Chuseok holidays as employee volunteer weeks. During this time, group employees visit underprivileged neighbors and social welfare organizations to deliver daily necessities, holiday foods, and Onnuri gift certificates as part of sharing activities. This year, from the 13th to the 23rd of this month, employees from 16 affiliates will visit affiliated facilities and underprivileged neighbors to deliver holiday gifts and daily necessities, engaging in various volunteer activities.

This content was produced with the assistance of AI translation services.