OREANDA-NEWS. August 29, 2013. The POSOCO Board of Directors convened on August 8, and decided that the 1:1 matching grant program that will double the donation worth 1% of the salary of employees, and the plan for establishment (tentatively) of the 1% Sharing Foundation, needed to run the funds.

Thus far, the total amount raised is 3.2 billion won, and this is anticipated to reach 20 billion won including funds from POSCO families within 5 years.

POSCO`s 1% Sharing program was first put into practice by POSCO Chairman Chung Joon-yang in October of 2011, and then spread quickly when POSCO Family executives and senior workers as well as non-executive directors voluntarily joined the program. Rank and file employees also began to come on board when labor representatives of the joint labor-management council decided to join in February of this year.

POSCO Family companies also declared their active participation in this program. So far, 75% of the employees of 26 POSCO Family companies are involved in the 1% Sharing program. In particular, POSCO Humans comprising employees from vulnerable social groups, such as the disabled, the aged and multicultural families attained a 100% participation rate, delivering an impression to all POSCO Family companies. Currently a total of 16 Family companies are engaged in the 1% Sharing program: POSCO Humans, POSCO SS, POSCO ICT, RIST, POSCO P&S, POSCO C&C, eNtoB, SNNC, POSCO TMC, POSTECH VENTURE CAPITAL, POSHIMETAL, PNR, POSCO Terminal, POSFINE, POSWEL, and POREKA.

In line with this, POSCO plans to establish the 1% Sharing Foundation within this year, which will build steel or modular homes for the welfare of vulnerable people such as the disabled or low-income senior citizens who live alone. It will also conduct various social contribution activities for our neighbors in need, including the protection of intangible cultural assets on the brink of severance and support for self-reliance of depressed areas in underdeveloped countries.

Last May, the steelmaker already launched the steering committee for 1% Sharing comprising employee representatives and third-party experts in order to share and evaluate the results of the 1% Sharing program and produce ideas regarding utilization of the funds. Even after the establishment of the foundation, the steering committee will continue to discover targets that need to receive economic and social help in many corners of the world, and discuss the sharing program based on suggestions from experts.