POSCO Launches Industrial Accident Family Care Foundation, Investing 25 Billion Won Over 5 Years

POSCO Group announced on the 27th that it has launched the industrial accident family care foundation, "POSCO Hope Link." The company plans to contribute a total fund of 25 billion won over the next five years to establish the operational foundation for the foundation.

The Posco Hope Connect Industrial Accident Family Care Foundation held its board meeting and was inaugurated on the 27th. The photo shows Chairman Jang Inhwa of Posco Group (fourth from the right) and other board members posing for a commemorative photo. Photo by Posco

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"POSCO Hope Link" is intended to support the social reintegration of workers and families facing hardships due to industrial accidents. The board of directors consists of experts in labor, healthcare, law, and welfare, thereby enhancing the fairness and effectiveness of the foundation’s programs.

Jang Inhwa, Chairman of POSCO Group and the inaugural chairperson of the foundation, stated, "Sincerity and responsibility from corporations are needed to assist workers and families who fall through the cracks of industrial accident compensation," adding, "We will ensure the foundation becomes a new model for the social safety net."

The support programs are divided into three main areas: emergency living expense support, care for accident victims, and youth hope and self-reliance support. Priority will be given to workers and their families from workplaces with fewer than 50 employees in industries with high risks of industrial accidents, such as construction and manufacturing. The foundation intends to expand support in collaboration with relevant organizations such as the Korea Workers’ Compensation & Welfare Service and the Korea Student Aid Foundation.

Emergency living expense support targets families facing financial difficulties immediately after an industrial accident. Care for accident victims includes improving living conditions, supporting uninsured medical treatments, and offering family recovery programs. The youth hope and self-reliance support program focuses on providing scholarships to children of injured workers to help them continue their studies and achieve independence.

The foundation was launched as a non-profit organization under the Ministry of Employment and Labor, coinciding with Industrial Accident Workers’ Day. Kim Younghoon, Minister of Employment and Labor, commented, "It is significant that a corporation has joined in supporting workers and families suffering from industrial accidents," and added, "We hope such efforts will spread throughout the entire industry."

POSCO Group stated that, through the foundation, it aims to promote a culture of industrial accident prevention, strengthen victim-centered support, and contribute to building a safer industrial environment.

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