441 KT&G strengthens win-win cooperation with partners... Early payment before Chuseok 2021.09.15
KT&G (CEO Baek Bok-in) is making efforts to strengthen win-win cooperation with its partners through early payments ahead of Chuseok. From this win-win plan, 49 partner companies will receive a total of KRW 49.1 billion in payments, one month earlier than the normal payment date, on average.
KT&G has been remitting payments early every year before the Lunar New Year and Chuseok holidays to relieve the financial burden on its partners. During the Lunar New Year, the company remitted about KRW 30 billion in advance payments to help partners secure liquidity of funds.
In addition, we are operating various win-win growth systems, such as paying the full amount every month for materials and providing support for the promotion of welfare benefits of partner SMEs. In addition, in order to resolve the difficulties of partners due to cost fluctuations, the company is carrying out effective win-win activities such as raising the contract amount if the raw material price rises higher than it was at the time of concluding the contract.
Shin Song-ho, head of KT&G's Raw Materials Division, said, "We hope that this win-win plan will be of some help to business partners suffering from the prolonged COVID-19 pandemic and economic downturn." He added, "We will continue to fulfill our social responsibilities as a corporate citizen with the goal of sustainable development of the company and society, and realize the value of win-win growth together.”
Meanwhile, KT&G is leading the way in ESG management by creating social values and establishing a sustainable industrial ecosystem based on the management philosophy of "A company that works together". In particular, for a win-win relationship with leaf tobacco farmers, who are our main supply chain, we purchase all domestic leaf tobacco and pay 30% of the planned purchase price before harvesting leaf tobacco in advance without charging any interest. In addition, we have been steadily carrying out various social contribution activities ranging from social welfare, support for young entrepreneurs, and support for cultural arts.
KT&G (CEO Baek Bok-in) aims to strengthen win-win
with our partners through early payments ahead of Chuseok.
The image is the KT&G logo.