Samsung Group to contribute $134.4 mil. to vulnerable households

Samsung Group said Thursday it will contribute 200 billion won ($134.4 million) to the Samsung Miso Financial Foundation to support vulnerable households, as part of its earlier pledge to commit 5 trillion won to social contribution initiatives over the next five years.

Of the 200 billion won, Samsung Electronics will contribute 150 billion won, while Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and other financial affiliates will contribute the remaining 50 billion won.

With the contribution, the foundation will provide unsecured and nonguaranteed loans to financially vulnerable households, small business owners and startups.

The loans will be provided at interest rates of up to 4.5 percent annually and are expected to benefit about 40,000 people.

The contribution is part of Samsung Electronics pledge to expand its social contributions after reaching a wage agreement with its labor union in May.

At the time, the company pledged to commit 5 trillion won to social contribution initiatives over the next five years, saying it would ensure that “the company' ...