Shinhyup Foundation's Social Contribution Activities Reach 6.5 Billion KRW, 2.3 Times Last Year

[Asia Economy Reporter Song Seung-seop] The Shinhan Credit Union Social Contribution Foundation announced on the 31st that it spent 6.5 billion KRW on social contribution activities last year. This is the largest scale since the foundation's establishment, 2.3 times the 2.8 billion KRW spent the previous year.

At the 6th regular general assembly held the day before, the Shinhan Foundation reported that it spent 5.44 billion KRW on the 'Ethics Movement' to improve the quality of life for marginalized groups, 630 million KRW on the 'Education Movement' to reduce educational disparities, and 430 million KRW on the 'Economic Movement' to revitalize the local economy.

The foundation explained that this significant increase in spending was a result of expanding support for marginalized groups and disaster victims to overcome the COVID-19 crisis. The largest increase was in disaster relief projects. Through the 'Together Social Sharing Support Loan,' subsidies totaling 990 million KRW were provided to 2,585 people. Interest equivalent to a 3% loan rate was also supported for up to six months for self-employed individuals who experienced business disruptions due to visits from COVID-19 confirmed patients.

In addition, inclusive finance support projects nearly doubled to 1.1 billion KRW, and 1.16 billion KRW was spent on other social contribution programs supporting partner organizations and social welfare groups.

Considering the ongoing impact of COVID-19 this year, the foundation plans to allocate a total budget of 11.1 billion KRW. Specifically, the funds will be used for ▲supporting traditional market coexistence and fostering region-specific specialized projects to revitalize the local economy ▲education and protection for the healthy growth of children and adolescents ▲social services and emergency financial support for vulnerable groups ▲improving regional welfare and solving social problems ▲disaster and emergency relief support.

Kim Yoon-sik, chairman of the foundation, emphasized, “We carried out more active social contribution activities last year considering COVID-19, and we will continue to listen to the needs of local communities and grow together.”

This content was produced with the assistance of AI translation services.