Samsung C&T Expands On-Site Safety Costs Significantly... Newly Allocates 'Safety Enhancement Fund'

Dramatically Increase Safety Costs to Ensure Safety
100% Advance Payment of Partner Companies' Safety Management Fees
Policy to Settle Actual Usage Even if Overused

Samsung C&T site workers are sharing information during a safety meeting (TBM) before starting work. (Photo by Samsung C&T)

[Asia Economy Reporter Moon Jiwon] Samsung C&T is newly allocating a 'Safety Enhancement Fund' on its own to strengthen on-site safety. The existing statutory safety management fees paid to partner companies will also be fully advanced 100% along with the advance payment for the start of construction.

Samsung C&T's construction division announced on the 12th that it will additionally allocate a Safety Enhancement Fund on its own, beyond the statutory safety management fees prescribed by law, to dramatically improve the safety level at construction sites.

Domestic construction sites operate safety management fees within the range of 1.20% to 3.43% of the construction cost, based on the safety management fee calculation standards by construction type under the Industrial Safety and Health Act. However, additional investments are often required to respond to various safety situations at each site.

Accordingly, Samsung C&T plans to allow immediate action using the Safety Enhancement Fund when additional investment for safety is deemed necessary based on the site’s own judgment, in addition to the safety management fees.

The Safety Enhancement Fund can be actively used for activities to prevent safety accidents, such as labor costs for hiring additional safety managers beyond legal standards, facility investments, and education. Autonomy is granted to the sites to decide on execution and scale.

Samsung C&T also plans to fully advance 100% of the statutory safety management fees paid to partner companies along with the advance payment for the start of construction. Instead of the existing method where the actual monthly usage amount is confirmed before payment, the entire planned amount will be paid in advance so that partner companies can actively invest in safety from the early stages of construction. If safety management fees are used beyond the planned amount during construction, the actual usage will be settled accordingly.

To ensure systematic safety management and accident prevention, Samsung C&T supports obtaining the Safety and Health Management System (KOSHA) certification implemented by the Korea Occupational Safety and Health Agency, and also provides rewards upon acquisition. It also supports safety consulting using external professional organizations so that partner companies can self-assess their overall safety levels.

A Samsung C&T official said, "Following the full guarantee of the right to stop work, we plan to actively support building a safety environment centered on site members such as partner companies and workers through concentrated investment in the Safety Enhancement Fund."

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