Samsung to revitalize the domestic economy on Lunar New Year holidays – Samsung Newsroom Korea

In order to ease the financial burden of small and medium-sized suppliers ahead of the Lunar New Year holiday and to support the vitalization of the domestic economy, which has been difficult due to Corona 19, etc. I decided to do it.

Samsung affiliates, including Samsung Electronics, plan to pay a total of 1.3 trillion won worth of goods to suppliers early.

Early payments for goods are made by company, starting with Samsung Electronics on February 8th, and Samsung’s partners can receive payments earlier than usual for one to seven days, up to two weeks earlier than usual.

A total of 11 affiliates, including Samsung Electronics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Biologics, Samsung Bioepis, Samsung C&T, Samsung Engineering, Cheil Worldwide, and Wellstory, participate in the early payment of goods.

Since 2005, Samsung Electronics has been the first Korean company to pay the full amount of the partner company’s transaction in cash so that partner companies can devote themselves to technology development without worrying about liquidity. Since 2011, the payment cycle for goods has been changed from twice a month to 4 a month. It is paid by increasing the circuit.

Samsung Electronics also provided incentives for the second half of 2020 of a total of 41.19 billion won to 23,000 people from 289 semiconductor partners.

Including 36.53 billion won in incentives for the first half of last year, Samsung Electronics paid a total of 777.2 billion won in incentives for partners, and Samsung Electronics paid a total of 425.4 billion won over the 11 years since the introduction of the system in 2010.

The’Semiconductor Supplier Incentive’ system was introduced by Samsung Electronics as part of shared growth with semiconductor suppliers, and is paid twice a year to suppliers who have achieved the goals of’productivity’ and’safety’.

It is evaluated as a representative win-win model by contributing to the qualitative growth of suppliers related to environmental safety/infrastructure, facility maintenance, and production/quality, and from the second half of 2018, we are expanding the payment targets to not only primary suppliers but also secondary suppliers.

Meanwhile, Samsung Display also paid 5.7 billion won in incentives for the second half of 2020 to 45 partners.

All 19 affiliates, including Samsung Electronics, Samsung C&T, and Samsung Life, are taking the lead in revitalizing the domestic economy by opening a’online direct marketplace’ from January 22 to February 10 to celebrate the Lunar New Year holiday, helping farmers and fishermen suffering from Corona 19. have.

Samsung has been operating on-line and offline direct marketplaces every holiday in the past, but has been operating only online since Chuseok last year to participate in preventing the spread of Corona 19.

Through the online direct marketplace, executives and employees can purchase products of ▲sister village specialties ▲ agricultural and livestock products in cooperation villages of the Agricultural Promotion Administration ▲ products from companies supporting smart factories at low prices, and agricultural and fishing villages and small and medium-sized enterprises can increase their sales.