Hanil Cement said on the 9th that it will make early payment of about 40 billion won to partner companies ahead of the Lunar New Year holiday. The move is intended to help partners secure cash smoothly, given the surge in funding needs before and after the holiday.
About 500 partner companies will benefit from this measure. The payment date is on the 13th. Partners will be able to receive payments up to about two weeks earlier than originally scheduled.
Jeon Geun-sik, president of Hanil Cement, said, "Although business conditions are tough due to the prolonged slump in the construction market, we made this decision based on the judgment that the stability of partners is the competitiveness of corporations," and added, "We will continue to put the value of co-prosperity first and fulfill corporations' social responsibility."
Hanil Cement is supporting the management stability of small and midsize enterprises by operating a 11 billion won co-prosperity cooperation fund that enables partners to borrow at low interest rates. It also operates the "co-prosperity-type Tomorrow Mutual Aid," under which a prime contractor and a partner employee jointly contribute for five years, and upon maturity the amount is paid to the employee with compound interest added, helping partner talent stay with their companies long term.