Samsung Group to Make Early Payments of 1.3 Trillion Won to Suppliers for Chuseok, Up 110 Billion Won Year on Year

[Financial News] Samsung Group said on the 14th that it will make early payments totaling 1.3 trillion won to partner companies before the Chuseok holiday.
To support its partners’ cash management and boost the domestic economy, Samsung Group decided to increase the early-payment amount by approximately 110 billion won from the amount provided during the previous Chuseok holiday.
The early-payment program involves 13 affiliates, including Samsung Electronics, Samsung C&T, Samsung Biologics, Samsung Bioepis, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, SDS, Samsung Heavy Industries, Samsung E&A, Cheil Worldwide, S-1, and Samsung Welstory. Each company plans to make the payments about one week earlier than originally scheduled.
In addition, Samsung Group operated a “Chuseok Online Marketplace” for employees to help stimulate domestic demand. The marketplace sold specialty products from villages affiliated with its companies, as well as products manufactured by small and medium-sized enterprises at smart factories. Seventeen affiliates participated.
Samsung employees purchase approximately 3 billion won worth of goods through the online marketplace each year during the Lunar New Year and Chuseok holiday periods combined, contributing to local economic activity. Thirty-one small and medium-sized enterprises that received support from Samsung Electronics for smart-factory construction are participating in the Chuseok marketplace and selling 53 products, including Korean beef sets and fruit.
Samsung Electronics, which also operates a smart-factory support program to strengthen the manufacturing competitiveness of small and medium-sized enterprises, had carried out 3,622 projects as of August this year.
According to reports, the participating small and medium-sized enterprises introduced smart-factory systems with Samsung Electronics’ assistance and significantly improved their productivity, quality, and hygiene standards.
Agricultural, livestock, and fishery products sold through the marketplace, including apples, pears, and fish, were also reportedly supported by Samsung Electronics’ Smart Factory Center through automation and process improvements during product preparation, such as washing and packaging.
Samsung Group emphasized that it is making various efforts to ensure that the benefits of growth in sectors such as semiconductors extend to revitalizing local economies.
Separately from its annual holiday economic-support programs, Samsung Electronics pledged in May this year to expand its social contributions by 5 trillion won and has continued to announce specific implementation measures.
In June, Samsung Electronics held the “Samsung Electronics Gratitude Festival with the People.” Customers who purchased Samsung Electronics products during the month received Onnuri gift certificates worth 20% of their purchase amount, while military personnel and “K-Hero” groups—including police officers, firefighters, and correctional officers—received certificates worth 30% of their purchase amount.
In addition, Samsung Electronics, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card, and Samsung Securities contributed 200 billion won to the Samsung Smile Microcredit Foundation last July to expand inclusive finance.

[email protected] Hak-jae Kim Reporter