Samsung Supports Domestic Market Activation Ahead of Chuseok... Early Payment of 1.4 Trillion Won to Partners

Samsung is taking steps to ease the financial burden on small and medium-sized enterprises (SMEs) ahead of the Chuseok holiday, while also promoting domestic consumption and revitalizing the local economy. On the 14th, Samsung announced plans to boost the domestic economy, including early payment of 1.4 trillion KRW to partner companies for goods, expanded operation of Chuseok holiday markets, and an employee campaign encouraging domestic travel.

First, to support smooth cash flow for small partner companies ahead of the Chuseok holiday, Samsung will make early payments totaling 1.4 trillion KRW for goods. Eleven affiliates, including Samsung Electronics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Biologics, Samsung Bioepis, Samsung C&T, Samsung Engineering, Cheil Worldwide, and Samsung Welstory, will participate. Each company plans to advance payments by up to 10 days compared to the originally scheduled dates.

Samsung employees purchasing domestic seafood at the 'Chuseok Online Market.' Samsung has significantly expanded the range of seafood items sold at this year's Chuseok market as part of its social efforts to promote seafood consumption.

To help stimulate the domestic economy, Samsung has opened a 'Chuseok Holiday Market' for employees, selling ▲specialty products from partner companies’ sister villages ▲domestically sourced seafood ▲products from SMEs supported by smart factories ▲and other domestic agricultural and marine products. Seventeen affiliates, including Samsung Electronics, Samsung Electro-Mechanics, Samsung SDI, Samsung Biologics, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung C&T, Samsung Heavy Industries, Hotel Shilla, Cheil Worldwide, and S-1, are participating in the market.

In particular, this year, to support fishermen facing difficulties due to decreased seafood demand, the range of seafood products sold at the Chuseok market has been significantly expanded. Employees can purchase about 400 types of seafood, including fish, shellfish, and processed products, at this year’s Chuseok market. Samsung has tripled the number of seafood items compared to the original plan as part of its social effort to promote seafood consumption.

Previously, the holiday markets were operated only for 2 to 3 weeks before the Lunar New Year and Chuseok holidays. However, to allow employees to purchase specialty products from across the country more comfortably, this year’s Chuseok market will be extended to run for a total of 4 weeks, from the 11th of this month until the end of the holiday on the 6th of next month. The Chuseok market will be operated as an 'online market' using each company’s internal bulletin boards, the Ministry of the Interior and Safety, local governments, and online shopping malls such as NongHyup. Some affiliates, including Samsung Display, plan to additionally set up 'offline markets' at their workplaces to increase employee interest.

Separately, to further promote domestic consumption and revitalize the local economy, Samsung will conduct an internal campaign encouraging employees to travel domestically. Before and after the Chuseok holiday, banners promoting domestic travel will be displayed at all business sites, and useful information related to domestic travel?such as travel destinations, regional events, and nationwide recreational facilities?will be richly provided via email and internal bulletin boards. Various employee participation events will also be organized, including special lectures by famous travel writers and YouTubers, and the creation of regional 'foodie maps.' Departments will be encouraged to hold gatherings or meetings at nearby travel destinations or local restaurants whenever possible.

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