LH to Pay Part of Performance Bonuses in Onnuri Gift Certificates to Support Local Economy

Gyeongnam Jinju-si Korea Land and Housing Corporation (LH) Office Building (Provided by LH)

[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) will pay part of this year's performance bonuses in Onnuri gift certificates to promote coexistence with the local economy, which is struggling due to the spread of the novel coronavirus infection (COVID-19).

On the 17th, LH announced that it will pay part of the employee performance bonuses, which are paid according to last year's public institution management performance evaluation results, in Onnuri gift certificates to help the local economy.

The background of this alternative payment was an agreement between labor and management. LH labor and management agreed to actively participate in receiving part of the performance bonuses as gift certificates to fulfill the social responsibility of public institutions. As a result, the Onnuri gift certificates paid as an alternative, worth about 2 billion KRW, are expected to contribute to revitalizing the local economy by being used in traditional markets, which have been depressed due to COVID-19.

Earlier, 15 LH executives, including President Byun Chang-heum, voluntarily collected part of their salaries for four months from April to overcome COVID-19, raising a donation of 120 million KRW. Half of the donation, 60 million KRW each, will be used to support small social economy enterprises through the Korea Social Value Solidarity Fund Foundation and to support vulnerable groups through the Housing Welfare Foundation.

In addition, LH has been making efforts in various support measures such as a six-month rent payment deferral for permanent rental housing, rent reductions for rental industrial complexes and commercial buildings, support for flower farms, and projects to save neighborhood restaurants. In particular, LH is actively supporting overcoming the economic crisis in the construction business sector, including a business investment plan of about 24 trillion KRW this year and adjusting contract periods and amounts in case of construction suspension due to COVID-19.

President Byun Chang-heum said, "We decided to participate in returning executive salaries and substituting performance bonuses with gift certificates to share the pain of the COVID-19 crisis," adding, "We will continue to strive to fulfill our role as a reliable national life partner alongside the lives of the people."

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