CJ Group to pay $431 mn early to small partners before Chuseok

CJ Group CI

CJ Group announced on Monday that it will make early payments of about 580 billion won ($431 million) to small and medium-sized business partners ahead of South Korea’s Chuseok holiday. The move involves five CJ Group affiliates, including CJ CheilJedang, CJ Logistics, and CJ Olive Young, with payments scheduled to be made before the holiday.

CJ Olive Young will pay out 340 billion won, while CJ CheilJedang will disburse around 126 billion won and CJ Logistics will provide about 87 billion won. The early payment initiative is the largest ever for CJ Group and is aimed at stimulating the economy and supporting small business partners.

Over 3,700 small suppliers will benefit from the early payments in 2024, a threefold increase compared to the previous Chuseok holiday.

“We have been advancing payment schedules during major holidays to support our small business partners since 2015, which hopefully will ease their financial burdens during the holiday season,” a CJ Group official said.