Samsung chairman Lee donates W20b to youth job fund

Samsung Group said Thursday that its chairman Lee Kun-hee has donated 20 billion won ($17.6 million) to Youth Hope Fund Korea, which launched on Sept. 21 under President Park Geun-hye’s initiative for active job creation.

A group spokesman said it was from Lee’s private fortune, adding that it reflected the chairman’s philosophy to foster a talented workforce.

While Lee has been hospitalized, the spokesman clarified that this one-time donation is a part of his comprehensive offering to the society, which was earlier set aside as social contribution provisions.
 

In addition, the group said Lee’s only son, Lee Jae-yong, who has taken on the post of vice chairman at Samsung Electronics, participated in a joint donation to the same fund with group presidents and executives, collectively set at 5 billion won.

The balance of the state-led fund has come to 34.3 billion won on the back of donations from Chairman Lee and senior Samsung executives. It was 9.3 billion won Wednesday.

Earlier, President Park donated 20 million won to Youth Hope Fund Korea. She also plans to offer 20 percent, or 3.4 million, of her monthly wage to the fund until 2018.

By Kim Yon-se (kys@heraldcorp.com)