Hyundai Wia Operates 100 Billion Won Win-Win Program to Bridge Wage Gap Between Large and Small-Medium Enterprises
President Jeong Jae-wook Receives 'Silver Tower Order of Industrial Service Merit' at Win-Win Growth Week Ceremony
[Asia Economy Reporter Yu Je-hoon] Hyundai Wia is operating a win-win cooperation program worth 100 billion KRW to eliminate wage gaps between large and small-to-medium enterprises.
On the 4th, Hyundai Wia announced that on the 3rd, it signed the "Innovation-Driven Wage Gap Elimination Agreement" to strengthen the technological competitiveness of small and medium enterprises at the Korea Federation of SMEs in Yeongdeungpo-gu, Seoul, together with the Win-Win Growth Committee. The signing ceremony was attended by Hyundai Wia President Jeong Jae-wook, Win-Win Growth Committee Chairman Kwon Ki-hong, and representatives from partner companies such as EM Tech and Youngjin Tech.
Through this agreement, Hyundai Wia has decided to actively support the growth of small and medium enterprises. First, it will comply with the "Three Principles of Proper Payment," and from this year, it will invest a total of 100.5 billion KRW over three years to operate an innovation-driven wage gap elimination win-win cooperation program.
Under this program, Hyundai Wia will provide low-interest funding to small partner companies facing financial difficulties. It will operate a 60 billion KRW Win-Win Growth Fund to enable loans at interest rates lower than those of commercial financial institutions, and it will also establish a 30 billion KRW incentive fund over three years to encourage the labor of partner company employees and promote productivity improvement. Additionally, 1.4 billion KRW will be invested to help partner companies improve their technical skills through job training.
Hyundai Wia will also support technology development and quality assurance to help the growth of partner companies. It will support costs for equipment and machinery calibration and work environment measurement for partner companies and assist in protecting technical data. Furthermore, it will support quality assurance testing and jointly engage in technology development.
Based on this agreement ceremony, Hyundai Wia plans to root the culture of win-win growth. A Hyundai Wia official said, "We are pleased to sign an agreement with the Win-Win Growth Committee to support the growth of partner companies," adding, "We will do our best so that small and medium enterprises and Hyundai Wia can grow together."
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Meanwhile, President Jeong received the Silver Tower Industrial Medal at the '2021 Win-Win Growth Week' ceremony hosted by the Ministry of SMEs and Startups on the same day. The Win-Win Growth Industrial Medal is the highest national award given to executives with the greatest achievements in win-win growth between large and small enterprises. President Jeong was awarded the Silver Tower Industrial Medal in recognition of his active practice of win-win management with partner companies.
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