Hyundai Construction Establishes 'Excellent Safety Management Partner' Award System

Cash Rewards of 2 Million to 10 Million KRW to Be Provided Based on Partner Contract Scale

[Asia Economy Reporter Kim Hyemin] Hyundai Engineering & Construction announced on the 6th that it will establish and officially implement the 'Safety Management Excellence Partner Award System' to strengthen the proactive safety management capabilities of small and medium-sized partner companies.

Since the majority of construction site accidents in the past three years occurred at sites managed by small and medium-sized enterprises, the company decided to actively support safety management incentives to prevent on-site safety accidents.

Safety management excellence partners are selected from eligible small and medium-sized enterprises that meet all general conditions such as zero accidents throughout all processes and do not fall under disqualification reasons such as unregistered companies, poor safety evaluations, or having a history of accidents in other ongoing contracts.

Subcontractors and material subcontractors who achieve zero accidents throughout all processes will receive cash rewards ranging from 2 million KRW (for contracts between 100 million and 1 billion KRW) up to a maximum of 10 million KRW (for contracts under 10 billion KRW), depending on the contract size. Since the program is operated with funds contributed to the large and small business win-win cooperation fund, it will focus on supporting small and medium-sized partners. The awards will be given twice a year, divided into the first and second half of the year.

This year, the awards will be given in December after qualification screening for subcontractors and material subcontractors who complete settlements between June and October. Notably, unlike the existing method of awarding at the company level, this system will provide individual awards for each contract performed by the partner company across all Hyundai Engineering & Construction business sites.

A Hyundai Engineering & Construction official stated, "Last year, we significantly increased the safety management excellence partner incentives to 500 billion KRW, strengthened partner safety management standards, and expanded support, laying the foundation for preventing on-site safety accidents. We will extend the safety management system to small and medium-sized partners to create a flawless safety and health system and a win-win safety culture."

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