LS Electric, Early Payment of Partner Companies' Delivery Fees Ahead of Seollal Holiday

[Asia Economy Reporter Jeong Hyunjin] LS Electric announced on the 3rd that it will advance the payment of approximately 42 billion KRW in delivery fees to small and medium-sized partner companies ahead of the Lunar New Year holiday.

The delivery fees, originally scheduled to be paid on the 10th, will now be paid two days earlier on the 8th. LS Electric expects that by advancing payments around the holiday period, when there is a temporary concentration of financial demands such as raw material payments and bonus payments, it will help the operations of small and medium-sized partner companies.

An LS Electric official stated, "Although the difficult business environment is expected to continue due to the ongoing spread of COVID-19 and economic recession, we decided to advance payments before the holiday as part of mutual growth with our partner companies." Since 2014, LS Electric has been advancing funds to partner companies ahead of holidays such as Lunar New Year and Chuseok, paying the full amount in cash for payments under 100 million KRW, and since 2013, it has been continuously supporting the stabilization of partner companies' management by introducing the industry's first win-win payment system to improve payment collection rates.

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