Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Samsung Group to contribute $134.4 mil. to vulnerable households
Samsung flag waves at Samsung Electronics' office in Seocho District, Seoul, July 7. Yonhap
By Nam Hyun-woo
Samsung Group said Thursday it will contribute 200 billion won ($134.4 million) to the Samsung Miso Financial Foundation to support vulnerable households, as part of its earlier pledge to commit 5 trillion won to social contribution initiatives over the next five years.
Of the 200 billion won, Samsung Electronics will contribute 150 billion won, while Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and other financial affiliates will contribute the remaining 50 billion won.
With the contribution, the foundation will provide unsecured and nonguaranteed loans to financially vulnerable households, small business owners and startups. The loans will be provided at interest rates of up to 4.5 percent annually and are expected to benefit about 40,000 people.
The contribution is part of Samsung Electronics pledge to expand its social contributions after reaching a wage agreement with its labor union in May. At the time, the company pledged to commit 5 trillion won to social contribution initiatives over the next five years, saying it would ensure that “the company's growth and achievements benefit not only its employees but also society.”
“By expanding financial supports, Samsung hopes to help financially vulnerable people to achieve greater financial independence and stability,” a Samsung Electronics official said. “We will continue to put the value of inclusive finance into practice by supporting underprivileged members of our society.”
Along with the contribution, Samsung Electronics also ran a four-week purchase rebate program from June 8, offering customers Onnuri gift vouchers worth 20 percent of their purchases — or 30 percent for military personnel, police officers and firefighters. Onnuri voucher is a government-issued gift certificate that can be used at traditional markets and small businesses.
The company had initially expected to provide about 400 billion won worth of Onnuri vouchers, but said the total is now projected to more than double due to strong customer demand.