KT to Advance Payment of 124.9 Billion KRW to Partners Ahead of Chuseok

[Asia Economy Reporter Oh Su-yeon] KT Group announced on the 1st that it will make early payments of 124.9 billion KRW in delivery fees to partner companies by the 7th, ahead of the Chuseok holiday.

This early payment of delivery fees to partner companies for the Chuseok holiday is up to 20 days earlier than the originally scheduled date. Six affiliates, including KT Alpha, KT Commerce, KT DS, KT Engineering, HCN, and Initech, will also participate.

It is expected that the early payment will ease the financial burden on small and medium-sized partners facing increased cash demand ahead of the Chuseok holiday. KT has continuously made early payments of delivery fees to partners during the Lunar New Year and Chuseok holidays. Last Chuseok, KT and its affiliates paid a total of 117.7 billion KRW in advance, and during this year’s Lunar New Year, a total of 75.6 billion KRW was paid early.

Along with this, KT will implement the '2022 Chuseok Clean KT Campaign' to strengthen ethical management practices. This campaign, which prohibits exchanging gifts with stakeholders such as partner companies, will be conducted for about two weeks from the 2nd to the 15th. During this period, if stakeholders including partner companies offer gifts to KT employees, the employees must clearly express their refusal to accept them. If gifts are sent inevitably, a rejection letter will be enclosed and returned to the sender.

Cho Hoon, Head of KT SCM Strategy Office (Executive Director), said, “We decided to proceed with early payment to reduce the management burden on partner companies struggling due to the prolonged COVID-19 pandemic and rising global raw material prices,” and added, “KT will continue to strengthen the management safety net for partners through early payments and a 100 billion KRW-scale win-win cooperation fund, becoming a one team that grows together with our partners.”

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