December 21, 2005 in Social Responsibility News

Insurance Policy Purchase

On December 20, 2005, the BOD of Samsung Electronics authorized to renew the severance payment insurance policy with Samsung Life.

Details
1. The purchase of insurance policy aims to manage severance pay in a stable manner and improve profitability of the asset.
2. Insurance policy purchase date: December 31, 2005
3. Insurance details
- Total premium: KRW 221.9 billion (taking into account KRW 14.9 billion of future interest accruals and the interim payment of KRW 130 billion, the actual premium to be paid is KRW 77 billion)
※ Samsung Life will pay 59% of severance pay in case a Samsung Electronics employee leaves the company.
- Insurance period: December 31, 2005 to December 30, 2006
- Premium payment: payment in full
- Interest rate: 3.7 % (floating rate)


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