POSCO Construction Pays 52 Billion KRW Early to 946 Small Partner Companies Ahead of Chuseok

[Asia Economy Reporter Yoo In-ho] POSCO Engineering & Construction will advance approximately 52 billion KRW in payment to small and medium-sized partner companies to support their smooth cash flow ahead of Chuseok.

The early payment targets are 936 small and medium-sized enterprises that recently conducted transactions. Payments originally scheduled between the 29th of this month and the 16th of next month will be paid in full in cash on the 28th, two days before Chuseok.

To help the local economy struggling due to the COVID-19 pandemic, POSCO Engineering & Construction will purchase traditional market gift certificates worth approximately 2.7 billion KRW. These gift certificates will be distributed as encouragement bonuses of 500,000 KRW per employee.

A POSCO Engineering & Construction official stated, “Since 2010, we have been the first domestic construction company to pay transaction amounts in cash, and every year during Lunar New Year and Chuseok, we advance payments to small and medium-sized partner companies. We hope this support will encourage local small business owners and partner companies who have been quietly enduring the prolonged COVID-19 pandemic and typhoon damages.”

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