Lotte to Advance Payment of 10.5 Trillion KRW to Partner Companies

Lotte Chemical, Lotte Innovate, and 31 Other Companies Join Effort

Lotte announced on the 27th that it will advance the payment of delivery fees amounting to approximately 1.05 trillion KRW to about 12,000 small and medium-sized partner companies ahead of the Chuseok holiday. This is to help partner companies, who may feel financial strain due to increased expenses before the holiday, manage their funds smoothly.

Lotte plans to pay the delivery fees on average 10 days earlier than the originally scheduled payment date, before the Chuseok holiday. The payment amount is about 1.05 trillion KRW, which is approximately 80% more than last year. The participating affiliates include 31 companies such as Lotte Chemical, Lotte Innovate, Korea Seven, and Lotte Construction. As the prolonged recession caused by high inflation and high interest rates has led to management difficulties for small and medium-sized partner companies, more affiliates are joining the early payment initiative this year to share the difficulties together.

Since 2013, Lotte has been advancing delivery fee payments to partner companies before each holiday season to practice mutual growth between large and small-medium enterprises. Additionally, Lotte has established a mutual growth fund worth about 1 trillion KRW to support smooth cash flow for partner companies and became the first large corporation to introduce a win-win payment system across all group companies, paying transaction amounts in cash equivalents.

A Lotte representative said, “We aimed to ease the burden on partner companies by advancing delivery fee payments during the holiday period when demand for funds is concentrated,” and added, “Lotte will continue various win-win activities for mutual growth with partner companies in the future.”

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