CJ Group to Advance 370 Billion KRW Payments to Small and Medium Partners Ahead of Chuseok
[Asia Economy Reporter Lee Seon-ae] CJ Group announced on the 7th that it will advance approximately 370 billion KRW in payment settlements to small and medium-sized partner companies ahead of Chuseok, the largest traditional holiday of the Korean people.
About 7,400 partner companies of six major affiliates will benefit from the early payment and will receive their settlement payments about one month earlier than the normal payment date. The advance payment amounts are expected to be about 160 billion KRW from CJ CheilJedang, about 76 billion KRW from CJ Logistics, over 50 billion KRW each from CJ ENM (O Shopping division + E&M division) and Olive Young, and about 30 billion KRW each from CJ Freshway and CJ OliveNetworks.
CJ Group has been advancing payment settlements every Chuseok holiday since 2015 to help alleviate the financial burdens of small and medium-sized partner companies.
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A CJ Group official said, “This year, we especially hope to ease the financial burdens of small and medium-sized partners who are facing many difficulties due to COVID-19, even if only a little.”
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