Kumho Petrochemical Group to Pay 1 Million Won to All Employees... 'Special Mission to Protect Local Economy'

[Asia Economy Reporter Hwang Yoon-joo] Kumho Petrochemical Group announced on the 10th that it will provide a 1 million KRW encouragement fund to all employees across its group affiliates to overcome the novel coronavirus disease (COVID-19) and revitalize the local economy.

The 1 million KRW encouragement fund will be given to all employees of the 11 affiliates, including Kumho Petrochemical, without differentiation based on rank or years of service. Employees plan to use the fund mainly in commercial districts near their respective workplaces in Seoul, as well as Yeosu, Ulsan, Daejeon, and Asan. However, executives and above are excluded from the payment.

Kumho Petrochemical Group decided to provide this encouragement fund amid the prolonged COVID-19 pandemic, which has slowed consumption and caused significant damage especially to local small business owners. As the government implements national-level support such as emergency disaster relief funds to stimulate consumption activities, Kumho Petrochemical Group also intends to participate proactively in overcoming the crisis from the private sector.

Park Chan-gu, Chairman of Kumho Petrochemical Group, conveyed a message of encouragement, saying, "I hope this encouragement fund will be a small help to all small business owners who are enduring these difficult times with fortitude."

This encouragement fund payment also symbolizes the company’s response to the recent decision by the three labor unions of Kumho Petrochemical to delegate wage negotiation authority to the management this year in order to join efforts to overcome the COVID-19 crisis, which has spread to all group affiliates, with the management delivering this support to all employees across the group.

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