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Posco Executives Donate 1% of Income
11/16/2011 - The executives of Posco and its family companies have begun donating 1% of their income to the Community Chest of Korea for social welfare at the end of each month to support bilingual education programs.
The executives of Posco and its family companies began donating 1% of their income starting in October. Participants include Chairman Joon-yang Chung and 829 employees: all executives, general managers, and other higher-ranking employees.
The donation is expected to reach 870 million KRW per year, and since Posco’s board of directors decided to match the amount given by Posco executives and employees, the total donation is estimated to be over 1.1 billion KRW annually.
The movement was started by Chairman Chung in September. After his announcement, general mangers and other employees of Posco joined him voluntarily. Executives from Posco Specialty Steel, Posco Power, Posco Engineering, RIST, Poreka, and PNR also decided to take part in the movement.
The donation will be sent to the Community Chest of Korea for social welfare at the end of each month to support bilingual education programs to develop the talents and skills of children from multicultural families and to construct steel houses for public and welfare facilities.
Additionally, in cooperation with the Hankuk University of Foreign Studies Center for Multicultural Education, the company plans to support multicultural and multilingual education programs while supporting the refresher training and teacher training programs for bilingual teachers for 170 marriage immigrants at 200 Multicultural Family Support Centers throughout the nation.
“The sharing movement of the Posco family will become an exemplary model to help establish a culture of sound donation in the society and share growth with the isolated through continuous voluntary donation made by the leaders of Posco and its family companies,” said Chairman Chung.
