CJ Group will make early payments totaling 660 billion won to ease the financial burden on small and medium-sized partners ahead of the Chuseok holiday.
On September 15, CJ announced that it will provide early payments to over 7,400 small and medium-sized suppliers through six major affiliates, including CJ CheilJedang, CJ Olive Young, CJ Logistics, CJ ENM's commerce division, CJ Freshway, and CJ Olive Networks. This year's total payment amount is more than double that of last year.
The payments are scheduled to be completed in phases starting on September 18, before the Chuseok holiday. Partners will receive their payments at least two weeks to a month earlier than the usual payment dates. This initiative aims to support the liquidity of small partners facing temporary cash flow needs for raw material payments and employee bonuses during the holiday season.
A CJ official stated, "We are implementing early holiday payments every year to promote coexistence with our partners. We hope this support will alleviate financial burdens before the holiday and contribute to a stable business environment."
Meanwhile, CJ Group continues to operate growth programs tailored to the characteristics of each affiliate. CJ Olive Young runs the 'K-Super Rookie with Young' program to assist small indie brands in entering overseas markets. CJ CheilJedang introduced the 'Tomorrow Filling Fund' in 2017, the first of its kind among private companies, to ensure employment stability for partners, and has since established a coexistence fund to support their financial activities. CJ Logistics was the first in the industry to implement a system that pays freight drivers the full amount the next day.
CJ ENM's commerce division supports small brands through the 'CJ On-Cubating' project and a 11 billion won K-lifestyle fund aimed at discovering and nurturing promising brands. CJ Freshway has been operating the 'Coexistence Cooperation Academy' for 11 years to enhance the quality management capabilities of its partners, while CJ Olive Networks contributes to the stability of partner management through initiatives like 'Partners Day' and the establishment of coexistence funds.
* This article has been translated by AI.
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