Hanwha Group to Advance Payment of 130 Billion KRW to Partners Ahead of Lunar New Year

[Asia Economy Reporter Hwang Yoon-joo] Ahead of the Seollal holiday, Hanwha Group is taking the lead in sharing the spirit of 'togetherness' by making early payments to partner companies and presenting local specialty gifts to partner company employees and others.

Major affiliates of Hanwha Group in the manufacturing, chemical, and service sectors will make early payments of approximately 130 billion KRW to partner companies before the Seollal holiday. About 2,400 companies will receive early payments. Depending on the company, payments may be made up to 60 days in advance.

This amount is significantly larger than the early payments made during the 2020 Seollal (about 90 billion KRW) and Chuseok (about 100 billion KRW) holidays, aiming to ease the financial burden on small and medium-sized partner companies.

In addition, major Hanwha Group affiliates plan to purchase local specialties and present them as Seollal gifts to in-house partner companies, contract workers, and key customers. The total amount spent on purchasing local specialties will reach 4 billion KRW, which is expected to greatly contribute to revitalizing the local economy.

Hanwha Group Chairman Kim Seung-yeon emphasized the importance of practicing ESG management together with society during difficult times in his New Year's address this year, saying, "Although this is a time when both body and mind can be exhausted, let us overcome this moment by encouraging each other with the spirit of 'togetherness.' Even in the non-face-to-face era, the values of communication and consideration, represented by 'Together Far,' must be cherished more than ever."

Furthermore, major affiliates will also carry out sharing activities to support local communities that are struggling even more due to COVID-19.

At the Galleria Centercity store located in Cheonan, ahead of the Seollal holiday, support will be provided to boost sales of excellent local specialties from Chungnam Province sold at the 'Areumdri' store, a local agricultural and marine products shop. The goal is to increase sales by more than 10% compared to the 2020 Seollal holiday period.

Five companies?Hanwha Aerospace, Hanwha Defense, Hanwha Techwin, Hanwha Power Systems, and Hanwha Precision Machinery?will deliver daily necessities sets to 1,000 low-income households in Seongnam City. Hanwha General Insurance plans to provide food kits including rice to 150 elderly people living alone, and Hanwha Defense's Changwon plant will deliver 10kg of rice to 550 local households. Hanwha Total will supply sets composed of agricultural products from the Seosan area free of charge to the cafeterias of 25 domestic clients. Face-to-face volunteer activities for local residents, which were held annually during holidays, will be refrained from due to COVID-19.

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