KT&G Enhances Mutual Growth with Partners… Early Cash Payment of Settlement Amount Before Chuseok 2023.09.22
KT&G (CEO Baek Bok-In) has taken steps to strengthen mutual growth with its partners through early cash payment of settlement amounts in anticipation of Chuseok. Through this mutual growth initiative, 35 partner companies will receive 91.7 billion won in payment, an average of more than a month earlier than the original payment date.
Every year, before the Lunar New Year and Chuseok holidays, the company has been executing payments in advance to alleviate the increased financial burden on partners. During the last Lunar New Year, about 732 billion won was paid in advance, assisting partners in securing liquidity.
Moreover, the company operates various co-growth systems, including paying for material goods in cash every month and supporting the enhancement of welfare for partner SMEs. Moreover, it conducts practical mutual growth activities, such as adjusting the contract amount upwards when raw material prices rise higher than at the time of the contract to alleviate partners' difficulties due to cost fluctuations.
A representative from KT&G stated, "We hope that this mutual growth initiative will be of some help to our partners who are experiencing difficulties due to inflation and economic downturn," and emphasized, "Going forward, our company will aim for sustainable development of society, fulfill social responsibilities, and realize the value of co-prosperity."
(Photo Description) KT&G (CEO Baek Bok-In) is taking steps to enhance mutual growth with partners through early cash payment of settlement amounts before Chuseok. The photo displays the KT&G logo image.