LG Electronics Expands Online Welfare Mall Access to 2nd and 3rd Tier Partners

[Asia Economy Reporter Suyeon Woo] LG Electronics is expanding its welfare services to allow employees of 2nd and 3rd tier partners to use the online welfare mall, practicing sustainable mutual growth.

Starting from the 31st, LG Electronics announced that, following the 1st tier partners, 2nd and 3rd tier partners can also use the online welfare mall operated by LG Electronics. The welfare mall offers a variety of products, including LG Electronics products, as well as various services such as travel, performances, sports, finance, and education at reasonable prices.

The online welfare mall has been operated by LG Electronics since 2014 to enable partner employees to enjoy various benefits. By expanding the support target to 2nd and 3rd tier partners this time, a total of about 1,000 partner companies will be able to use the welfare mall.

LG Electronics will expand welfare services to second- and third-tier partners starting from the 31st to practice sustainable win-win cooperation. The welfare mall offers a variety of products, including LG Electronics products, as well as various services such as travel, performances, sports, finance, and education at reasonable prices. Employees of partner companies are using the online welfare mall.
Photo by LG Electronics

LG Electronics has been preparing various measures to grow together with its partners. Since 2010, it has been operating a mutual growth cooperation fund worth 200 billion KRW together with Industrial Bank of Korea, Korea Development Bank, and others, through which partners can receive low-interest loans when funds are needed. Until last year, the support target was 1st and 2nd tier partners who signed a fair trade agreement with LG Electronics, but from this year, 3rd tier partners can also utilize it.

Also, since 2015, LG Electronics has been operating a mutual growth payment system that guarantees cash payment on the delivery payment date for 1st, 2nd, and 3rd tier partners, allowing early cash conversion. When LG Electronics deposits the delivery payment in a dedicated escrow account at a financial institution, the payment is made to the partners on the payment date. If partners want early cash payment, they receive the low interest rate applied to LG Electronics. The amount paid through the mutual growth payment system until last year is about 40 trillion KRW.

Meanwhile, LG Electronics awards a total of 600 million KRW annually to excellent partners to encourage partner-led innovation activities and establish a culture of sharing mutual growth achievements. This year, awards will also be given to partners who have achieved results in ESG (Environmental, Social, and Governance) activities.

Kim Byung-su, Head of LG Electronics’ Win-Win Growth Division, said, "To practice sustainable mutual growth, we will continue various support activities so that not only 1st tier partners but also 2nd and 3rd tier partners can enjoy benefits."

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