June 10, 2005 in Social Responsibility News

Insurance Policy Purchase

The BOD of Samsung Electronics authorized a purchase of insurance policy on June 10, 2005.


1. Insurance company: Samsung Life Insurance

2. Insurance policy purchase date: June 30, 2005 (premium payment date)

3. Type of insurance policy: Severance insurance policy

4. Insurance details
- Total premium: KRW 127.1 billion
(taking into account KRW 10.1 billion of interest accruals, the actual net premium to be paid is KRW 117 billion)
- Insurance money:
Samsung Life will pay 59% of severance pay in case a Samsung Electronics employee leaves the company.
- Insurance period: from policy purchase date to severance payment date
- Premium payment: payment in full
- Interest rate: 3.6 % (floating rate)

5. The purchase of insurance policy aims to manage severance pay in a stable manner and improve profitability of the asset.

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