Samsung Group Chairman Lee Kun-hee.

Samsung Group said on Oct. 22 that its executives will donate 25 billion won to Youth Hope Fund Korea, a charity designed to create jobs for youth.

The group said 20 billion won will be donated in the name of Samsung Group Chairman Lee Kun-hee, who is still in hospital to receive medical services, and the remaining 5 billion won will be donated by presidents of Samsung subsidiary companies, and other executives. 

“Samsung company CEOs and executives, including Group Chairman Lee, join in the donation after sympathizing a cause of pump-priming the creation of jobs for youth,” said Senior Executive Vice President Lee Joon of the Communications Team of Samsung Group’s Future Strategic Office.

As to Chairman Lee’s decision to donate 20 billion won, Senior Executive Vice President Lee said, “This donation is part of Samsung Group Chairman Lee’s donations in such things as those designed to help flood victims and needy neighbors, taking a comprehensive format of donations he has entrusted with.”

The cultivation of talent and social contribution activities are tenets that Samsung Group Chairman Lee has been preaching for years. While delivering a New Year’s message in 2012, Chairman Lee stressed that Samsung Group would make strenuous efforts to gain trust and be loved by society, on top of the nurturing of talented manpower. He also called for the group to redouble efforts to extend a helping hand to neighbors in need and the underprivileged of society. 

Minister Chu Kyung-ho of the Office of Policy Coordination at the Prime Minister’s Secretariat announces the launching of the Youth Hope Fund on Sept. 21.Donations to the fund can be made via five commercial banks across the nation.(Photos:Samsung Group, Prime Minister's Office)

Samsung Electronics Vice Chairman Lee Jay-yong joined in the donation drive, but the business group did not reveal the exact amount of his donation. 

Samsung Group, the nation’s biggest conglomerate, spearheaded the donation initiative, and other conglomerates are expected to follow suit.

Hyundai Motor Group Chairman Chung Mong-koo joined Samsung Group’s initiative by donating 15 billion won to the youth fund. Hyndai Motor Group’s executives also decided to donate an additional 5 billion won to the fund. 

Shinhan Card and Woori Card announced a plan to help clients contribute points they have accumulated while using cards to the youth fund. Shinhan Card said it will also allow its 21 million customers to donate their points to the fund. Shinhan Card clients will be given the option to donate more than 5,000 won to the fund when they charge cards and donate all of the points (one point is equal to one won) they had so far accumulated.