Dongbanwi "Innovation-Driven Wage Gap Resolution Agreement Signed with 67 Companies Worth 11.91 Trillion KRW"

The Win-Win Growth Committee Signs Support Agreements with 67 Partner Companies Since 2018
Strengthening Win-Win Cooperation through Support for Partner Companies' Wages and Welfare

Chairman Kwon Ki-hong of the Win-Win Growth Committee is being interviewed on the 30th at the Win-Win Growth Committee in Guro-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Heeyoon] The Win-Win Growth Committee announced on the 29th that it has signed cooperation agreements worth 699.6 billion KRW with 17 companies, including large corporations, mid-sized companies, and public enterprises such as Hanwha Group this year.

According to the Win-Win Growth Committee's announcement on the results of the 'Innovation-Driven Wage Gap Reduction Agreement,' the committee has signed agreements with a cumulative total of 67 companies amounting to 11.9103 trillion KRW since 2018. The funds are used over three years from the date of the agreement for ▲supporting wages and welfare benefits of partner company employees ▲strengthening technological competitiveness of partner companies ▲financial support for partner companies.

By category, 558.1 billion KRW is allocated for wage and welfare support, which is used for employee incentives and wage-sharing systems at partner companies. To strengthen technological competitiveness, 3.2647 trillion KRW is provided. For financial support such as the Win-Win Growth Fund, 8.0875 trillion KRW is invested.

Companies under the agreement also participate in the 'Three Principles of Proper Payment' in transactions with secondary and tertiary partner companies. These principles include paying fair prices, paying on time, and using win-win payment systems. The committee explained that this is expected to improve working conditions and expand employment for partner company employees.

Kwon Ki-hong, Chairman of the Win-Win Growth Committee, stated, "If win-win growth was an elective subject before COVID-19, it has become a mandatory subject in the era of the Fourth Industrial Revolution," adding, "It is necessary to continuously promote the innovation-driven wage gap reduction movement to strengthen the technological capabilities of small and medium-sized enterprises and thereby enhance the competitiveness of large corporations."

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