Hanil Cement will make early payments of about 42 billion won in transaction settlements to roughly 500 partner companies ahead of Chuseok.
Hanil Cement said on the 14th it will pay transaction settlements scheduled for the 21st up to two weeks earlier than the original due date to ease partners' cash burdens before the holiday.
Hanil Cement has been making early payments of partners' transaction settlements ahead of Lunar New Year and Chuseok since 2024. It also made early payments of about 40 billion won for Lunar New Year this year.
It is also operating a 11 billion won co-prosperity cooperation fund to support partners' financing. When a partner borrows from a financial institution, the fund reduces the interest burden.
It is implementing a "fuel price indexation system" that adjusts contract payments according to changes in oil prices. It is also operating a "co-prosperity-type Tomorrow Filling Mutual Aid" program, under which the prime contractor and partner employees jointly accumulate contributions for five years and, at maturity, pay them out with compound interest added.
Jeon Geun-sik, president of Hanil Cement, said, "Although the construction market slump continues, the more challenging the business environment, the more important the effort for co-prosperity becomes," adding, "We will build sustainable partnerships through practical support, including early payment of transaction settlements."