South Korea’s top Shinhan Financial Group pledged to boost its spending on philanthropic activities and inject 270 billion won ($248.4 million) for the next three years to help support income activity of underprivileged and low-income families and growth of small- and mid-size companies.

Shinhan Financial Group on Tuesday held a board of directors meeting and announced it has decided to increase its annual social responsibility spending by 40 billion won to 90 billion won and spend total 270 billion won until 2020 on social contribution activities.

Under the new plan, the group will focus to up its capital support for low credit consumers to help them stand back on their own feet, women from low-income households find jobs, and young people seeking jobs overseas. It also plans to create shared spaces for communal childcare service, support vulnerable families, as well as boost urban restoration and educate young people to prepare the fourth industrial revolution.

In details, Shinhan Financial Group will spend 10 billion won every year on 5,000 vulnerable financial consumers who wish to recover credit scores. It will also spend 5 billion won to support 5,000 women from the vulnerable social group whose career has discontinued due to child care. The financial group also plans to help 100 pre-graduate students recommended by local universities every year to find jobs overseas by using its global network such as in Vietnam and Japan.

Shinhan Financial Group has also decided to create 150 communal childcare service spaces over three years to help resolve the country’s low birth rate and childcare issues. It will also spend 6 billion won in the next three years to help vulnerable families including children from families without parents and provide customized support to 330 underprivileged individuals every year.

Shinhan Financial Group Chairman Cho Yong-byoung said the company’s new social contribution project is a result of countless efforts to promote humane banking service and that all units will strive to fulfill their social responsibilities.

By Kim Tae-sung and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]