SK Incheon Petrochem, Continuing '1% Happiness Sharing' for Partner Companies' Win-Win for 3 Years

[Asia Economy Reporter Hwang Yoon-joo] SK Incheon Petrochem and its labor union held a ‘1% Happiness Sharing’ fund agreement ceremony for partner companies, their co-growth partners. This is the third time since its first implementation in 2018.

On the 5th, SK Incheon Petrochem announced that it held the ‘1% Happiness Sharing’ agreement ceremony at the company’s guesthouse, attended by SK Incheon Petrochem President Choi Yoon-seok, Labor Union Chairman Lee Dong-yong, representatives of three partner companies, and about 10 related personnel.

‘1% Happiness Sharing’ is a fund created through a matching grant system where members donate 1% of their basic monthly salary and the company contributes the same amount. The fund is used equally for social contribution projects supporting the co-growth of partner companies and underprivileged groups in the local community.

Of the approximately 260 million KRW allocated this year for co-growth support of partner companies, 240 million KRW will be distributed to 367 members of 20 resident partner companies as wage sharing. To revitalize the local economy, the payment will be made in the form of Incheon e-eum card points, a local electronic currency, and Onnuri gift certificates for holidays. The remaining amount will be used for establishing a safety culture among partner companies, including a reward system based on the achievement period of zero accidents.

Since the implementation in 2018, the cumulative co-growth fund delivered by SK Incheon Petrochem and its labor union amounts to 760 million KRW in total, including 670 million KRW for wage sharing with partner companies (targeting 875 people) and 90 million KRW for the zero-accident reward system (targeting 1,962 people).

Meanwhile, SK Incheon Petrochem has been practicing co-prosperity and co-growth with partner companies by introducing the industry’s first ‘wage sharing’ co-growth model with partner companies in 2017, followed by the industry’s first institutionalization of the zero-accident reward system and the granting of work stoppage rights to partner companies.

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