"Samsung must work together with society. We need to share and grow with our customers, shareholders, partners, and local communities," said Lee Jae-yong, Chairman of Samsung Electronics.
In line with this philosophy, Samsung announced on September 14 that it will pay 1.3 trillion won to its partner companies ahead of the Chuseok holiday and will support small businesses and local farmers.
To ease the financial burden on its partners, Samsung will make the payment of 1.3 trillion won before the Chuseok holiday. Thirteen affiliates, including Samsung Electronics, Samsung C&T, Samsung Biologics, Samsung Display, Samsung Electro-Mechanics, and Samsung SDI, will participate.
Each company will pay the amounts approximately seven days earlier than the original payment date. The early payment amount has also increased by about 110 billion won compared to last year's Chuseok. This measure aims to support the liquidity of partners, who typically face increased cash flow demands for labor and raw materials during the holiday season.
Additionally, an online marketplace will be operated to stimulate domestic consumption. Seventeen affiliates, including Samsung Electronics, have launched a 'Chuseok Online Marketplace' featuring local specialties and products from small businesses and farmers. Samsung employees purchase approximately 3 billion won worth of goods from this marketplace each year during the Lunar New Year and Chuseok.
Notably, 31 small businesses supported by Samsung Electronics in building smart factories will offer 53 products, including Korean beef and fruits. Since 2015, Samsung Electronics has supported 3,622 smart factory projects for small businesses up to August this year. This initiative not only improves production facilities but also connects sales opportunities through the holiday marketplace.
Samsung is also gradually implementing its plan to expand social contributions, announced in May, which involves 5 trillion won. In June, it held the 'Thank You Festival' where a portion of product purchases was returned as gift certificates. In July, Samsung Electronics and its financial affiliates contributed 200 billion won to the Samsung Smile Financial Foundation to support financially vulnerable groups.
Lee Jae-yong previously emphasized, "Sharing and growing together with our neighbors and society is our mission and the path to becoming a century-old company." Samsung plans to introduce additional social contribution measures to further spread the benefits of growth to its partners and local communities.
* This article has been translated by AI.
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