Executives of POSCO, the country’s largest steelmaker, have been donating 1 percent of their salaries to charity since last month, the company said Sunday.
About 830 senior-level workers from the company and its affiliates are participating in the effort, which will be enough to raise 870 million won (about $783,000) annually. The donations are expected to reach over 1.1 billion won as POSCO plans to match the amount given by employees.
The company’s chairman, Chung Joon-yang, first announced his intention to donate 1 percent of his salary to charity in September.
Hyundai Oil Bank, Korea Yakult, Woolim Construction, GS EPS and the Korea Minting and Security Printing Association are some of the other firms where employees are donating parts of their salaries to charity.