Seoul City Social Performance Incentive Project Creates Value Worth 2.7 Billion KRW in 3 Months

Seoul City revealed that the performance of companies participating in the 'Social Performance Incentive Project (SPC)' conducted over the past year to create social value amounted to approximately 2.7 billion KRW.

On the 3rd, the city announced that it measured the performance of 14 companies selected through document and face-to-face evaluations from 33 companies that participated in the call for applications in May this year, resulting in a performance value of 273 million KRW.

원본보기 아이콘

The Social Performance Incentive Project is a program that measures and rewards the social value created by companies through solving social problems. The performance produced by social enterprises is measured in monetary terms, and cash incentives are provided proportionally to the results. Social enterprises can reinvest the incentives into solving social issues, creating a virtuous cycle within the ecosystem.

Social enterprise A, which possesses next-generation Bluetooth technology that helps hearing-impaired individuals listen to sounds, was recognized for performance worth 330 million KRW. Social enterprise B, which provides free career exploration programs to so-called 'NEET' youth, created value worth 216 million KRW.

The selected companies receive financial rewards ranging from a minimum of 2.5 million KRW to a maximum of 20 million KRW based on the monetary value of their social performance measurement results.

On the 4th at 10 a.m., Seoul City will hold a Social Performance Incentive Project performance sharing meeting at the Sema Hall of the Seoul Museum of Art. The event is organized to share this year’s project outcomes and explore ways to expand social performance. Representatives from academia, the Social Value Research Institute, the Korea Chamber of Commerce and Industry, and participating companies will attend to present project achievements and discuss ways to promote the creation of social value.

Kim Kyung-mi, Director of the Fair Economy Division of Seoul City, stated, "The Social Performance Incentive Project is meaningful in that it provides opportunities for social enterprises to actively seek growth strategies while dedicating themselves to solving social problems." She added, "Seoul City will ensure that the Social Performance Incentive Project is not just support limited to incentives but will promote innovation among excellent social enterprises that solve social issues to create social value."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.