Samsung Electronics to Pay Record-High First Half Incentives to Semiconductor Partners

Incentives of 36.53 Billion KRW Paid to 23,000 Employees of 297 Excellent Semiconductor Primary and Secondary Partners
Supporting Sustainable Growth through Expanded Safety Culture Awareness Activities in Partner Companies

Samsung Electronics announced on the 24th that it has paid a total of 36.53 billion KRW in incentives to about 23,000 employees of 297 outstanding partner companies this year.

From the left in the photo: Changhan Kim, Executive Vice President of the Win-Win Cooperation Center, DS Division, Samsung Electronics; Seongmok Ryu, CEO of Hwaseong Engineering; Jeongsik Kim, Manager of Seogang ENC; Dohyung Kim, Executive Vice President of Hwaseong Engineering; Hyunseok Kim, Staff of Seogang ENC

Photo by Samsung Electronics

[Asia Economy Reporter Ki-min Lee] Despite uncertainties caused by the spread of the novel coronavirus disease (COVID-19), Samsung Electronics is expanding activities for mutual growth, including paying the largest-ever incentives to its partners.

On the 22nd, Samsung Electronics announced that it will pay 36.53 billion KRW in "2020 first half incentives" to about 23,000 employees of 297 outstanding first- and second-tier semiconductor partners who achieved the goals of "productivity" and "safety."

This partner incentive is the largest ever in terms of both payment amount and number of recipients for the first half of the year. Samsung Electronics explained that it is expected to help revitalize the domestic economy.

Since 2010, Samsung Electronics has supported the quantitative and qualitative growth of its partners by paying the largest-ever incentives every year. The total amount paid to partners over the past 11 years has reached about 380 billion KRW.

Kim Hyun-seok, an employee of Seogang ENC, responsible for pipe construction at Samsung Electronics' Hwaseong plant, said, "I am especially happy to be able to use the incentive I received for the first time after getting a job for a family trip," adding, "I will pay more attention to both the company's performance and safety so that I can receive incentives every year."

Ryu Seong-mok, CEO of Hwaseong Engineering, which is engaged in pipe and duct maintenance business, said, "The 28 years of cooperation with Samsung Electronics has been the foundation of our company's growth," adding, "Since starting cooperation with Samsung Electronics in 1993, our company's sales and workforce have increased about 10 times and 20 times, respectively."

In addition, Samsung Electronics is expanding activities to improve safety culture awareness for the sustainable growth of its partners. To strengthen the safety culture capabilities of partners, Samsung Electronics established the "Pace Maker" system this year together with five partner companies. Pace Maker companies by industry will operate regular consultative bodies with Samsung Electronics, autonomously enhance their safety capabilities, and at the same time raise safety awareness and induce behavioral changes among partner companies in the same industry.

Yoon Jae-hong, CEO of Edward Korea, said, "Even if a company has excellent technical skills, it cannot sustain growth if safety management awareness is low," adding, "We will create an innovative safety culture together with Samsung Electronics to build a safe workplace." Samsung Electronics plans to expand the selection of Pace Maker partners from next year to further activate the system.

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