Samsung said on Sept. 14 it will pay 1.3 trillion won in payments for goods to partner companies early, before the Chuseok holiday, and run an online marketplace for employees.

Thirteen affiliates, including Samsung Electronics, Samsung C&T and Samsung Biologics, are taking part in the early payments. Each company plans to make the payments about seven days earlier than originally scheduled. Compared with last Chuseok support, the early payment amount increases by about 110 billion won. Samsung said the step is intended to help suppliers manage funds and increase the effect of boosting the domestic economy.

Samsung will also run a "Chuseok online marketplace" to help boost domestic demand. Items for sale include specialty products from sister villages of affiliates and products made at smart factories of small and midsized companies. Seventeen affiliates, including Samsung Electronics, Samsung Life Insurance and Samsung Fire & Marine Insurance, are participating. Each year, about 3 billion won worth of goods are traded among employees during holiday periods including Lunar New Year and Chuseok.

Thirty-one small and midsized companies that received support to build smart factories are also joining the marketplace. They are selling 53 products, including Korean beef sets and fruit. Samsung Electronics has carried out a smart factory construction support program since 2015 to enhance manufacturing competitiveness of small and midsized companies. As of August this year, the cumulative number of projects reaches 3,622.

Improvements in productivity, quality and hygiene standards are achievements gained by small and midsized companies that adopted smart factories. Agricultural, livestock and fisheries products sold at the marketplace, including apples, pears and fish, also received automation support from the Samsung Electronics Smart Factory Center during washing and packaging. The marketplace shifted online after COVID-19, but some sites also set up offline marketplaces separately.

Separately, Samsung Electronics pledged in May to expand social contributions worth 5 trillion won and has been announcing implementation measures in stages. In June, it held a "Together with the People, Samsung Electronics Appreciation Festival" that provided Onnuri gift certificates worth 20 percent of the purchase amount to customers who bought products, and 30 percent to members of the armed forces called "K-heroes" as well as police, firefighting and corrections public officials. Five companies - Samsung Electronics, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card and Samsung Securities - contributed 200 billion won in July to the Samsung Smile Microfinance Foundation to expand inclusive finance. Samsung plans to continue preparing and announcing measures to keep its pledge to expand social contributions.