Lotte Department Store Signs Agreement to Resolve Innovation-Driven Wage Gap... Co-Growth with Partner Companies

Lotte Department Store Main Branch.

[Asia Economy Reporter Yuri Kim] Lotte Department Store and the Win-Win Growth Committee have renewed the 'Innovation-Driven Wage Gap Resolution Agreement' to address wage disparities and strengthen technological competitiveness among their cooperating small and medium-sized partner companies.

On the 10th, Lotte Department Store announced, "As the 'Wage Gap Resolution Agreement' signed in 2018 to resolve wage disparities between large corporations and SMEs and promote win-win growth is expiring this year, we are extending the agreement period by three more years and renewing it today."

The main contents of the agreement include compliance with the three principles of proper payment, enhancement of innovation-driven wage payment capacity, improvement of wages and welfare benefits, enhancement of other wage payment capacities, and operation of a win-win cooperation program to resolve innovation-driven wage gaps, including management stability financial support.

Through this agreement, Lotte Department Store plans to operate a win-win cooperation program worth approximately 240 billion KRW until 2024, continuously supporting partner companies in various areas such as ESG (Environmental, Social, and Governance) consulting support, welfare support, sustainable management support, market development support, performance-sharing system support, free job training for partner company employees, win-win growth funds and funds, and early payment of dues.

Kim Hak-su, head of the CSR team at Lotte Department Store, said, "Based on this re-agreement, we hope that win-win growth with partner companies will be established as a culture beyond a simple agreement," adding, "We will do our best to ensure that Lotte Department Store and its partner companies can grow together."

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