Samsung Supports Chuseok Economy Activation with Early Payment for Goods and Online Marketplace...

Advance Payment of 2.1 Trillion KRW for Partner Company Goods
Online Marketplace for Employees to Celebrate Chuseok... Participation from All Samsung Affiliates

A Samsung employee purchasing products at an online market for Chuseok. / Source=Samsung

[Asia Economy Reporter Kim Pyeonghwa] Samsung announced on the 31st that it will make early payments for goods to small and medium-sized partner companies ahead of the Chuseok holiday in September. Samsung affiliates will open an online marketplace for employees to sell agricultural and marine products from across the country as well as products produced by small and medium-sized enterprises supported by Samsung Electronics.

Samsung will make early payments for goods up to ten days in advance before the Chuseok holiday so that small and medium-sized partner companies can manage cash more comfortably ahead of the holiday. This is in line with the win-win vision of Samsung Electronics Vice Chairman Lee Jae-yong, who said, "Let's share together and grow together," aiming to foster an industrial ecosystem with domestic small and medium-sized enterprises.

The early payment of goods includes participation from 11 affiliates: ▲Samsung Electronics ▲Samsung Display ▲Samsung Electro-Mechanics ▲Samsung SDI ▲Samsung SDS ▲Samsung Biologics ▲Samsung Bioepis ▲Samsung C&T ▲Samsung Engineering ▲Cheil Worldwide ▲S-1. The total amount of early payments Samsung will make to partner companies is 2.1 trillion won, including 1.4 trillion won from Samsung Electronics. This is an increase from the 800 billion won paid before last year’s Chuseok. Samsung plans to bear all interest costs arising from the early payments.

Samsung Electronics, Samsung C&T, Samsung Life Insurance, and 18 other affiliates have opened a "Chuseok Online Marketplace" for employees. They are selling agricultural and marine products from across the country, specialty products from sister villages, and products produced by small and medium-sized enterprises supported by Samsung Electronics’ smart factory initiatives. This year’s Chuseok online marketplace is operated through each company’s internal bulletin board or shopping malls managed by the Ministry of the Interior and Safety, local governments, post offices, and the National Agricultural Cooperative Federation. Samsung has supported agricultural product sales by opening offline direct transaction markets at each business site during the Lunar New Year and Chuseok holidays every year, but since the Chuseok of 2020, the marketplace has been operated online due to the spread of COVID-19.

According to Samsung Electronics, Vice Chairman Lee has emphasized that "sharing together and growing together is the path to becoming the world’s best." On the first anniversary of the late Chairman Lee Kun-hee in October last year, he urged, "Now, with a humble heart, let us all move forward together for a better future for our neighbors and society to create a new Samsung."

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