Stuart B. Solomon, Chairman
of MetLife Korea Foundation |
By Yoon Ja-young
Staff Reporter
Donations not only help needy people but also give great pleasure to the benefactor, MetLife Korea Foundation Chairman Stuart B. Solomon says.
"Happiness in our life is not determined by how much money we have but by how we spend our money, time and talents for others," Solomon said in an interview with The Korea Times.
Solomon came to Korea in 1971 as a member of the Peace Corps after majoring in physiology at Syracuse University and worked with the health ministry in many parts of a country that was still poor and fighting tuberculosis. He is a foreign CEO who can speak Korean fluently.
After successfully leading MetLife Korea as its CEO for nearly a decade, Solomon switched to the field of social contribution, which he has long dreamed of, as the founder and chairman of the MetLife Korea Foundation.
Established in 2005 and funded with a 6.95 billion won in contributions from MetLife Korea, the foundation has led to many projects to help underprivileged members of society stand on their own.
In particular, Solomon has been focusing on supporting projects for children with disabilities, upon determining that the area needed the most urgent attention and improvement.
"In order for children with disabilities to attain healthy growth and development, they need various interactions - including more experience and education than children without disabilities - along with care and consideration from not only their family but also from supporters and other members of society. We started to support projects for children with disabilities to help spread this recognition more widely in society," Solomon said.
The foundation has provided support for a total of 110 organizations for the past five years from 2005 to 2009 with annual assistance of 300 million won.
He believes that social welfare programs should be more than just financial support. The foundation constantly evaluates its recipient organizations, holds workshops for social workers, and offers expert feedback through advising professors.
It also helps social workers participate in programs at other organizations so that they can learn from each other.
Such efforts led the foundation to win the "A Good CSR Program" award last year from the Seoul Welfare Foundation.
Aging an Urgent Problem
When Solomon was helping the country's health ministry as a member of the Peace Corps decades ago, one of its priorities was pulling down the birthrate.
Not anymore. Korea is expected to join the league of the world's oldest nations with its life expectancy rising and birthrate declining.
The foundation included underprivileged senior citizens in their support efforts last year, to cope with the aging problem in a country where the retirement programs are inadequate by global standards.
"All people dream of a rich and happy retirement life and wish to retire when they have made sufficient preparations for such a life but the reality is that, all too often, people become faced with their retirement in an abrupt and unexpected manner.
In fact, as spending for their children, including education expenses, is on the rise, many people face retirement without making adequate preparations," he said.
MetLife Korea launched a joint research project with the Seoul National University Institute on Aging, which includes interviews with Korean baby boomers, - those born between 1955 and 1963 - to identify their socio-demographic statistics, life patterns, family composition, financial status, and health.
Donation Not Difficult
Many people find it difficult to think about making donations, believing that they still do not have enough money. But the fact is that everyone can give as much as they feel is appropriate - and donations aren't limited to money.
"For example, you can easily start making donations by participating in volunteer services to share your time and talent with underprivileged neighbors," Solomon said.
He also says that charitable insurance policies could be a solution. Such products enable policyholders to donate their mortality benefits to the non-profit organization he or she designates.
"Many people use this method of making donations as they can make donations by paying a small premium each month. With a charitable insurance policy, you can make donations of 10 to 20 million won after your death if you pay in 10,000 to 30,000 won each month," he said.
chizpizza@koreatimes.co.kr
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