Ottogi Pays 12 Billion KRW Early to Subcontractors Ahead of Chuseok
[Asia Economy Reporter Song Seung-yoon] Ottogi announced on the 1st that it will provide early cash payments of subcontracting fees amounting to about 12 billion KRW to help its partners manage their funds smoothly ahead of Chuseok.
Ottogi decided to pay subcontracting fees on average 50 days earlier than the normal payment date. The payment targets include 45 companies such as OEM firms, raw material suppliers, and packaging companies, and the full amount of the previous month's subcontracting fees will be paid in cash.
Ottogi is striving for mutual growth with its partners by discussing key issues related to win-win growth through an internal review committee composed of employees from related departments centered on the ESG Promotion Team, seeking improvements. Since 2015, it has also established a Win-Win Growth Fund to support partners and dealerships in continuing their business activities by providing loans at interest rates lower than market rates.
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An Ottogi official said, "In the current economic downturn, small and medium-sized partners are facing increased financial burdens," adding, "We hope that the early payment of subcontracting fees will help alleviate their financial difficulties."
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