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Woowa Brothers’ CEO Kim Bong Jin announced his intention to sell some of his stakes in the food delivery company that he owns. He said that he would give up part of his shares in Baedal Minjok, a Seoul-based restaurant delivery app, and give away $88 million or KRW100 billion to his employees.
A personal gift from the CEO
The Korea Times reported that the Woowa Brother founder said on Thursday, March 11, that he would be distributing the money through incentive compensation in the form of cash and stocks. Delivery drivers will also get their cut from this scheme.
"Our delivery drivers contributed a lot to turn our company into what it is today,” Kim said in his message to employees. “I want to give them a personal gift for all of their efforts up until now prior to the company's advance into the Asian Market."
The gift will be given to around 1,700 staff who work under Woowa Brothers, Woowahan Youths, and the other overseas units of the company. Depending on their job post, it was said that each one is expected to get about KRW50 million or $43,975 worth of stocks.
Who are eligible for the incentive pay
Aside from the 1,700 hired employees, those who were not directly employed by Woowa Brothers but have worked as delivery workers for the company for more than a year and have made at least 20 deliveries per day for 200 days will also be receiving KRW2 million to KRW5 million worth of stocks.
For other workers who are not qualified under the terms mentioned but have delivered a fixed number of daily orders daily, they can still enjoy the incentive. People in this group will get KRW1 million in cash.
It was said that over 1,000 delivery riders fall under this last category for the perk. Moreover, 830 employees who deliver for B Mart specialty stores are also included on the list who will receive KRW1 million in incentives.
All the recipients of this gift from Woowa Brothers’ Kim Bong Jin will be informed about their incentive payments through text messages. Meanwhile, it was clarified that this compensation scheme is different from the South Korean billionaire’s plan to donate half of his total assets to charity.
