LG to Advance Payment of 950 Billion KRW to Partners Ahead of Chuseok

LG Electronics, LG Display, and 6 Other Affiliates Participate... Up to 12 Days Advanced

[Asia Economy Reporter Han Ye-ju] LG announced on the 28th that it will advance the payment of 950 billion KRW worth of supplier delivery payments ahead of the Chuseok holiday.

Eight major LG affiliates, including LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, LG Uplus, and LG CNS, have decided to advance the payment of a total of 950 billion KRW in supplier delivery payments by up to 12 days ahead of schedule, making early payments before Chuseok.

This measure is intended to support small and medium-sized suppliers who face a temporary surge in cash demand for raw material payments, bonus payments, and other expenses during the Chuseok holiday.

Additionally, LG is expanding the introduction of the Win-Win Payment System, a system that allows first-tier suppliers to convert delivery payments into cash at low financial costs comparable to large corporations, to ensure that the benefits of win-win cooperation extend to second- and third-tier suppliers.

LG affiliates such as LG Electronics, LG Chem, and LG Uplus have separately established low-interest loan funds for win-win cooperation to provide financial support necessary for suppliers' ESG management and new product development.

Along with this, LG assists suppliers in diagnosing and improving their ESG capabilities related to safety and health, environment, and corporate ethics, and supports the establishment of ESG management infrastructure such as expanding energy management systems and introducing safety and health facilities.

An LG official stated, "We will continue to carry out win-win activities that help our suppliers, such as early payment of delivery payments and expansion of the Win-Win Payment System."

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