CJ to Advance Payment of 300 Billion KRW to Small and Medium Partners Ahead of Chuseok

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[Asia Economy Reporter Song Seung-yoon] CJ Group announced on the 29th that it will advance payment of approximately 300 billion KRW to small and medium-sized partner companies ahead of Chuseok, the largest traditional holiday in Korea.

CJ's five affiliates plan to pay settlement amounts to about 3,800 partner companies on average one month earlier than the normal payment date. CJ CheilJedang will advance about 170 billion KRW, CJ Logistics about 70 billion KRW, CJ ENM (Entertainment division + Commerce division) 32.5 billion KRW, CJ OliveNetworks 16.5 billion KRW, and CJ Freshway 10 billion KRW. Since 2015, CJ has been advancing payments during the holiday peak season to help alleviate the financial burden of small and medium-sized partner companies.

A CJ official said, "We hope that small and medium-sized partner companies, which have been struggling due to the prolonged economic downturn caused by COVID-19 and recent interest rate hikes, will be able to ease their financial burdens even a little."

Meanwhile, CJ has been continuing various activities for coexistence with local communities and partner companies, such as donating 500 million KRW and relief supplies to disaster victims affected by the recent record-breaking heavy rains.

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