One Hundred Label Faces Crisis: Unpaid Wages and Mounting Financial Concerns
Employees of music labels under One Hundred Label are facing significant financial hardship as reports surface of unpaid wages and benefits. The situation threatens the livelihoods of approximately 100 staff members and raises serious questions about the financial stability of the company and its affiliated labels.
The Core of the Issue: Unpaid Insurance and Pensions
According to a report by The Fact on February 12th, Cha Ga Won, CEO of One Hundred (home to THE BOYZ), Big Planet Made (artists include Taemin, VIVIZ), and INB100 (Baekhyun, Chen, and Xiumin), has allegedly failed to remit mandatory social insurance premiums and retirement pension contributions for several months. These premiums cover essential worker protections, including national pension, health insurance, employment insurance, and industrial accident compensation.
While employee contributions are routinely deducted from their paychecks, the employer’s share remains unpaid. This has resulted in notifications of outstanding balances being sent directly to employees by the insurance authorities. The duration of these missed payments varies between one and four months across the three labels.
Financial Strain Extends to Artists and Operations
The problems extend beyond employee benefits. Reports indicate that artists, including THE BOYZ, Baekhyun, Taemin, and Chen, are collectively owed billions of won in unpaid settlements. Taemin alone is reportedly owed over 1 billion won. This follows earlier concerns about excessive spending and financial instability within the company.
Operational challenges are also mounting. Salaries have reportedly been arriving late since November. Managers are facing difficulties accessing corporate funds, and there are concerns about unpaid vehicle leases and potential disruptions to artist schedules. Unpaid rent for company offices adds to the financial pressure.
Company Response and Future Outlook
Representatives for One Hundred Label have acknowledged a delay in insurance premium payments, stating they will be rectified within a day. They also pledged to address issues with corporate credit cards. However, the extent of the financial difficulties and the long-term impact on artists and employees remain uncertain.
Big Planet Made was found to be in complete capital impairment, with liabilities exceeding assets by roughly 18 billion won. INB100 was also found to have minimal remaining cash.
ONE HUNDRED Addresses Claims Of Unpaid Settlements To Artists
FAQ
Q: Which artists are reportedly affected by unpaid settlements?
A: THE BOYZ, Baekhyun, Taemin, Chen, and Xiumin are among the artists reportedly owed significant amounts in unpaid earnings.
Q: What are the four major social insurance programs in South Korea?
A: They are national pension, health insurance, employment insurance, and industrial accident compensation insurance.
Q: How many employees are affected by the unpaid insurance premiums?
A: Approximately 100 employees across the three labels (One Hundred, Big Planet Made, and INB100) are affected.
Q: Who is Cha Ga Won?
A: Cha Ga Won is the CEO of One Hundred Label and head of affiliated companies Big Planet Made and INB100.
Q: When was One Hundred Label founded?
A: One Hundred Label was founded on July 13th, 2023.
Did you recognize? One Hundred Label also owns INB100, BIG PLANET MADE Ent., MILLION MARKET, and BLACK MADE.
Stay tuned for further updates on this developing story.
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