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05.28.2020 South Korea

Otis signs ‘Partnership for Inclusive Growth and Gender Equality’ in South Korea

- First in the domestic construction industry to sign agreement -

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• Voluntary agreement fosters gender-balanced talents with the Ministry of Gender Equality and Family

• Mutual cooperation strategically fosters female talents and promotes organizational culture of diversity and inclusion

South Korea, May 28th, 2020 --- Otis Elevator Korea (VP and Managing Director IS Cho; “Otis” hereinafter) announced today it has signed a voluntary agreement for ‘Partnership for Inclusive Growth and Gender Equality’ with the South Korean Ministry of Gender Equality and Family. Otis becomes the first in the domestic construction industry to sign this agreement in Korea. Otis (NYSE: OTIS) is the world’s leading company for elevator and escalator manufacturing, installation and service.

“Otis works tirelessly to build a strong culture of respect for diversity within the organization,” said IS Cho at the ceremony. “This agreement will serve as a bridge for us to work closely with the Ministry of Gender Equality and broaden our programs for gender equality and inclusive growth. It will also enable sharing our best-case scenarios with others to further promote this culture.”

Otis and the ministry signed the agreement based on their shared belief that organizational culture and leadership drive gender equality significantly and contribute towards improving corporate competitiveness and the national economy.

Otis has been championing gender equality and inclusive growth through its strategic programs. It has made the New Culture Declaration to make ‘respect for diversity’ an enterprise-wide culture statement and offers training, workshops, cultural campaigns and mentorship programs, to usher in the new wave of culture and ensure change management. Its independent in-house Women’s Council is leading the way in promoting diversity and has hosted various programs accordingly. Examples include mural painting for employees and families to support local communities, bazaars, leadership training and group mentorship for the development of women’s careers.

Going forward, Otis Korea aims to increase the percentage of female executives and department leaders 5% from the current rate by 2022.1) More than 30 percent of the company’s global executive leadership are women, including its President and CEO Judy Marks.2) To ensure access to women and their talents in a more balanced manner, the company plans to strategically hire more women in jobs such as engineering, sales and maintenance.

Furthermore, Otis is dedicated to creating a family-friendly environment to prevent a gap in women’s careers, by encouraging partners to take their childcare leave and introducing programs that support different types of work, such as flexible work hours.

* Sources from:
1) The partnership agreement between Otis and the Ministry of Gender Equality and Family
2) Otis World Headquarters

About Otis
Built on a legacy of innovation, Otis was founded in 1853 after Elisha Otis invented the elevator safety brake, giving rise to the modern city, transforming how people live and work, and revolutionizing architecture itself. Today, we are the world’s leading company for elevator and escalator manufacturing, installation and service. We move 2 billion people a day and maintain more than 2 million customer units worldwide, the industry’s largest maintenance portfolio. We can be found in many of the world’s most recognizable buildings, as well as the busiest transportation hubs and retail centers – we are everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 40,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.

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