Hyundai Elevator said on the 11th that it will make early payments to ease the financial burden on its partners ahead of the Lunar New Year holiday.
About 280 partner companies, including installers, maintenance providers, and parts suppliers for Hyundai Elevator, are eligible. Payments that are usually made at the end of the month will be moved up by more than 10 days, with about 10 billion won to be paid sequentially before the holiday.
Hyundai Elevator's decision took into account that partners' funding needs peak before the holiday.
A Hyundai Elevator official said, "We will continue to expand programs for mutual growth and co-prosperity with partners and work together so that ESG (environmental, social and governance) management can take root across the industry."
Meanwhile, Hyundai Elevator has been holding a "co-prosperity convention" since 2013 to pursue mutual growth with partners and address polarization among corporations. It has been supporting partners with various programs, including lending of operating and research and development funds, operation of a job posting board, and employee welfare support.