Shinsegae DF Signs Voluntary Agreement to Resolve Polarization... "Supports Activities Worth 3 Billion KRW"

Operation Including Wage and Welfare Support

Exterior view of Shinsegae Duty Free Myeongdong Branch. (Photo by Shinsegae DF)

[Asia Economy Reporter Lim Chunhan] Shinsegae DF announced on the 7th that it will sign the ‘Polarization Resolution Voluntary Agreement’ together with the Win-Win Growth Committee and partner small and medium-sized enterprises (SMEs).

Through this agreement, Shinsegae DF will comply with the three principles of proper payment in cooperative transactions (subcontracting, consignment, supply, services, etc.). Over the next three years starting this year, it will operate various win-win cooperation models to resolve polarization, with a total scale of 3 billion KRW, including support for wages and welfare benefits and support to enhance wage payment capacity. Partner SMEs will be supported through welfare benefits, productivity improvement, sustainable management support, overseas expansion support, and startup company fostering.

Partner SMEs will also comply with the three principles of proper payment in transactions among cooperating companies, strengthen innovation efforts such as research and development (R&D) and productivity improvement, improve product and service quality and price competitiveness, and strive to improve employee working conditions and expand new employment.

The Win-Win Growth Committee will actively cooperate to provide opportunities for technical and purchasing consultations so that the polarization resolution and win-win growth activities of Shinsegae DF and partner SMEs are implemented, and will promote and publicize excellent cases.

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