The POSCO 1 Percent Sharing Foundation is a charity foundation operated by POSCO Group and its partner company executives and staff members. Donations amounting to 1 percent of their monthly salaries funds the charity.
The companies also contribute donations equivalent to those of their executives and staff members.
The donated money is used to promote the wellbeing of the underprivileged, provide support for the self-sufficiency of local communities, and promote culture preservation at several places around the world where POSCO has a presence.
The foundation sponsored a session at the POSCO Center on Feb. 20 to present excellent examples of a program to support multiethnic youth.
The event is the third rendition of the program, which made its debut in 2014 as part of POSCO’s social contribution, volunteer activities targeting poor multicultural youth. The program is named after the Chinchin (winding tightly) Rainbow, meaning that “Youth with diverse backgrounds become friends to realize dreams like a rainbow.”
The POSCO 1 Percent Sharing Foundation selects 60 students to provide such educational support programs as one designed to supplement academic achievements for Korean language tests for general equivalency diplomas in arts and sports. It also fronts education fees annually in cooperation with the Ministry of Gender Equality and Family and Rainbow Youth Center.
During the session, 33 students who received support from POSCO and 12 managers were presented with prizes, and they were given an opportunity to share their stories. Twenty-four beneficiaries selected as excellent students have been allowed to receive support on a continual basis.
Kim Min-seo, 18, an assumed name of one of the selected beneficiaries, said, “After I was forced to give up a dream of becoming an animation producer because I couldn’t afford the transportation fees to attend a fine arts institute, I was able to resume my studies thanks to the provision of educational fees from the foundation.” Kim said. “I’ll study hard until my own animation work is televised on a TV program.” The foundation plans to expand the Chinchin Rainbow Program to would-be global health care providers, suit makers and composers.
The foundation sponsored a music concert inviting 350 workers at the Daebul National Industrial Complex and employees of POSCO’s partner companies, the sixth rendition of the program, on July 27 at a gymnasium in Yeongam, Jeollanam-do. The concert program, which was launched last year, has gained popularity by presenting such special crossover genres as jazz and vocal music, which have fascinated the audiences.
An audience member on hand with his wife said, “I’ve usually had not many occasions to appreciate a concert, but I could spend a happy time with my family thanks to the POSCO 1 Percent Sharing Foundation, and I extend thanks for boosting dynamics of the industrial complex.”
The POSCO 1 Percent Sharing Foundation has operated a global volunteer team involving POSCO Group executives and staff members since last year. The 4th class of the volunteer team participated in the construction of the Vietnam POSCO Village in Tan Hoa commune, Tan Thanh district, Ba Ria-Vung Tau province from Aug. 1 to 9. The village project designed to provide decent homes in the Tan Thanh district, is one of the foundation’s social contribution activities. A combined 85 households will move in the village by 2016.
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