Taeyoung Construction "Paying Unpaid Labor Costs at Construction Sites Before Lunar New Year Holiday as Much as Possible"

330 Billion KRW Priority Payment in Two Installments This Month
"Direct Payment Negotiations for Partner Companies' Construction Fees Underway"

Taeyoung Construction announced on the 26th that it plans to pay the wages of construction site workers as much as possible before the Lunar New Year holiday in relation to wage arrears. First, it plans to pay 33 billion KRW in construction payments to subcontractors within this month.

Taeyoung Construction Headquarters, Yeouido, Seoul. / Photo by Yongjun Cho jun21@

Taeyoung Construction stated, "Currently, within the available funding range, we plan to make cash payments in two phases, focusing on sites with processes that have a high proportion of labor costs." It made the first payment of 5.3 billion KRW yesterday to construction sites such as the youth housing in Sangbong-dong, Jungnang-gu, Seoul, where the framework process has been halted, and will make an additional payment of 27.7 billion KRW on the 31st.

Taeyoung Construction emphasized that it will actively consult with the real estate project financing (PF) lenders to do its best to prevent future wage non-payment issues.

A Taeyoung Construction official said, "Discussions are underway for 'direct payment,' where the client directly pays the subcontractors' construction fees," adding, "If the lenders, developers, and contractors quickly reach an agreement and the subcontractors' construction payments are made directly, labor cost payments will also proceed smoothly."

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