Hanwha Systems Signs Wage Gap Resolution Agreement... Invests 54.9 Billion Won Over 3 Years
Operation of Win-Win Cooperation Program to Reduce Wage Gap by Strengthening Partner Companies' Technical Competitiveness
[Asia Economy Reporter Lee Hye-young] Hanwha Systems will invest 54.9 billion KRW over three years to reduce wage gaps between large corporations and small and medium-sized enterprises (SMEs) and to discover innovative SMEs.
Hanwha Systems announced on the 22nd that it has signed an 'Innovation-driven Wage Gap Reduction' agreement with its small and medium-sized partners and the Win-Win Growth Committee.
This agreement aims to reduce wage gaps by strengthening the technological competitiveness of partner companies, with Hanwha Systems operating a win-win cooperation program worth a total of 54.9 billion KRW over three years starting this year.
The Hanwha Systems win-win cooperation program consists of ▲ joint investment-type technology development projects ▲ productivity innovation support by subsidizing ESG (Environmental, Social, and Governance) consulting costs ▲ partner capacity development training ▲ support for domestic market access ▲ operation of payment monitoring services ▲ incentives for partners with excellent performance in quality and delivery ▲ welfare points provided to partner employees using the win-win cooperation fund ▲ operation of a win-win fund to offer low-interest loans to partners at rates lower than commercial banks.
Hanwha Systems plans to actively promote autonomous win-win growth activities that enhance the innovation capabilities of partner companies while adhering to the Win-Win Committee's 'Three Principles of Proper Payment.' The three principles are 'paying the right price,' which reflects factors such as minimum wage increases and delivery price adjustments in a timely manner; 'paying on time,' which means paying before the legal deadline or as early as possible; and 'paying through win-win payment,' which involves using and expanding cash or win-win payment systems.
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Oh Seong-cheol, CEO of Hanwha Systems, said, “Through this agreement covering second- and third-tier partners, we hope to strengthen the partnership system and achieve sustainable joint growth,” adding, “Hanwha Systems aims to contribute to strengthening the domestic industrial ecosystem by spreading a culture of win-win growth.”
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