Hyundai donates to job fund

Hyundai Motor Group Chairman Chung Mong-koo has donated 15 billion won ($13.2 million) of his personal assets to the Youth Hope Fund, a public trust supporting job creation for young people, the group said on Sunday, adding that its executives will also kick in 5 billion won.

“Chairman Chung decided to donate because he agrees with the social philosophy that the nation needs to provide an environment where young people can be creative and take on challenges, while also having hope for the future,” said a spokesman of the Hyundai Motor Group in a statement.

The donations will be used for various programs to support job creation.

Chung has been supporting efforts for resolving the youth unemployment issue since 2007 when he established the Chung Mong-koo Foundation. Since 2012, the foundation has been supporting startups for young people through H-On Dream Audition by giving 100 million won to winners, as well as providing mentoring programs to participants.

Chung’s foundation works in cooperation with government agencies including the Ministry of Employment and Labor and Korea Social Enterprise Promotion Agency.

In August, Hyundai Motor Group announced that it will hire 36,000 new employees by 2018 and will give support to 12,000 people seeking jobs or considering launching a startup. “We will give our best support to employment- and job creation-related programs so young people can perform to their best ability in industrial fields in the future,” said a spokesman of the group.

BY KWON SANG-SOO [kwon.sangsoo@joongang.co.kr]