Taekwang Industrial Advances Payment of 30 Billion KRW to Partners Before Chuseok

[Asia Economy Reporter Hwang Yoon-joo] Taekwang Industrial will make an early payment of approximately 30 billion KRW in goods payments to support mutual growth with its partner companies ahead of the Chuseok holiday. This payment will be made 15 days earlier than the scheduled payment date for about 400 small and medium-sized partner companies.

This early execution of goods payments is part of a mutual cooperation measure to support partner companies facing severe business difficulties due to the prolonged economic downturn caused by the COVID-19 pandemic. Early payments to partner companies have been made three times, starting from last year's Chuseok holiday and including this year's Lunar New Year holiday.

Last year, Taekwang Industrial conducted a program of non-face-to-face individual meetings with representatives of partner companies to openly discuss existing issues and areas for improvement. Based on this, the company has been making efforts to improve relationships by holding regular meetings with partner companies, awarding outstanding partners and employees, and introducing an electronic bidding system. Through communication with partner companies, Taekwang Industrial recently delivered meal kit sets including food to partner company employees as well as all its employees as part of welfare benefits amid ongoing remote work.

Meanwhile, Taekwang Industrial has also taken the lead in sharing difficulties not only with partner companies but also with small business owners and small and medium enterprises. Since March last year until the end of this year, the company has been running a good rent campaign that reduces 30% of the rent within a monthly limit of 2 million KRW for small business owners and SMEs operating in the company’s building.

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