SK, Shinhan Bank, and Ediya United... Investing 2.3 Billion Won for At-Risk Youth Independence

Domestic companies such as SK Group, Shinhan Bank, and Ediya Coffee have come together to help at-risk youth who have been pushed out of their homes and schools. They provide psychological counseling services, support savings products for independence, and offer internships to youths aspiring to become baristas.

On the 19th, the Korea Chamber of Commerce and Industry (KCCI) held the second ‘Together Sharing Project’ event at the Southern Gyeonggi Youth Independence Support Center in Gunpo, Gyeonggi Province. Attendees included Choi Tae-won, Chairman of SK Group and KCCI Chairman; Jung Sang-hyuk, President of Shinhan Bank; Lee Seok-jang, CEO of Ediya Coffee; Kim Hyun-sook, Minister of Gender Equality and Family; Oh Byung-kwon, Vice Governor of Gyeonggi Province; and about 20 staff members from the Southern Gyeonggi Youth Independence Support Center and shelters.

They united in their commitment to support the independence of at-risk youth who fall into welfare blind spots. The event reportedly came about after SK raised the urgent need to address issues faced by at-risk youth, and Shinhan Bank and Ediya Coffee proposed solutions.

‘At-risk youth’ refers to young people who do not receive effective protection from their guardians, those outside the school system, and youths requiring support to prevent delinquency. Many are exposed to domestic and school violence and enter youth protection facilities, but due to negative stereotypes labeling them as ‘problematic youth,’ they often do not receive proper support. The number of youths entering shelters, which are youth protection and residential facilities, has increased over the past two years, with 70% of them having experienced violence.

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The KCCI’s Entrepreneurship Round Table empathized with this issue and held the second ‘Together Sharing Project’ event at the Gyeonggi Youth Independence Support Center. The project packages psychological counseling, vocational education, and financial support. The services provided by participating companies in this program amount to approximately 2.3 billion KRW.

SK Group stated, “Youth are becoming isolated and disconnected, directly exposed to depression, anxiety disorders, and more,” and pledged to donate five ‘Mental Health Guardian Buses.’ These buses will be operated by youth counseling welfare centers and will visit areas with high youth populations and near schools to provide counseling. For youths using the Youth Independence Support Center after leaving shelters or other facilities (about 250 youths), SK plans to deliver happiness lunchboxes three times a week for one year. SK will also operate internships, covering 70% of the wages. These services total approximately 1.5 billion KRW in value.

Chairman Choi Tae-won of the Korea Chamber of Commerce and Industry, Minister Kim Hyun-sook of the Ministry of Gender Equality and Family, and President Jung Sang-hyuk of Shinhan Bank are having a discussion regarding support for at-risk youth.
[Photo by Korea Chamber of Commerce and Industry]

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Shinhan Bank is sponsoring 700 million KRW for savings product support and economic financial education. When young people preparing for independence and those outside the home save money in savings accounts for living or housing expenses, Shinhan Bank will add up to 150,000 KRW monthly for three years, supporting up to 5.4 million KRW, and offer a high interest rate of up to 5.85%. Additionally, tailored economic and financial education covering concepts such as understanding economics, salary management, and asset management will be provided to help youths lead healthy economic lives in society.

Ediya Coffee is supporting 120 million KRW for vocational education and internship programs. About 30 youths aspiring to become baristas will receive professional coffee expert training through the International Coffee School (GCS), followed by internship opportunities at directly managed Ediya stores nationwide. During the internship period, wages will be supported by SK and Ediya Coffee at a 7:3 ratio.

The event was held in the form of a roundtable discussion involving youth support facility workers, mentors for at-risk youth, government officials, and business leaders.

Chairman Choi said, “This project is meaningful in that it expanded our social interest, which had been focused only on young adults preparing for independence, to include at-risk youth outside the home.” He added, “The issue of at-risk youth falling into blind spots is also related to population issues. By establishing a social safety net and creating an environment where they can grow properly, it may be possible to encourage having more children, even if only slightly.”

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is delivering a greeting. [Photo by Korea Chamber of Commerce and Industry]

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President Jung of Shinhan Bank stated, “We believed that the most necessary things for young adults preparing for independence and at-risk youth outside the home were ‘funds for independence’ and ‘financial knowledge.’ Shinhan Bank will join them on the path to preparing a hopeful future through steadily accumulated savings and education.” CEO Lee said, “We will support youths in obtaining barista professional qualifications and strive to provide opportunities for field experience and employment. Ediya Coffee will continue to cheer on many youths’ futures and will not spare support for the future of Korea.”

Minister Kim said, “It is meaningful and appreciated that companies have taken the initiative in a situation where social interest and support for at-risk youth are urgently needed. With this support, we can now provide assistance to at-risk youth experiencing psychological difficulties without blind spots, and mid- to long-term support for independence has also become possible.”

The Entrepreneurship Round Table (ERT)’s ‘Together Sharing Project’ is now in its second phase, following last month’s donation of the ‘Firefighter Recovery Bus’ by Hyundai Motor Group Chairman Chung Eui-sun at a fire station in Ulsan. The project involves a specific company selecting social contribution fields, regions, and action tasks, with related companies voluntarily participating. The ‘Entrepreneurship’ concept, introduced last year by Chairman Choi Tae-won, Chairman Chung Eui-sun, and startup leaders, refers to companies proposing solutions to social problems through their technologies, cultures, and ideas. It is a concept that expands the role of companies to enhancing social value.

Woo Tae-hee, Executive Vice Chairman of KCCI, said, “We continue to receive inquiries from companies wanting to fulfill social roles. You will be able to see our companies supporting various parts of society within this year.”

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