POSCO, the nation’s largest steelmaker, will set up a new charity foundation to help effectively manage and propel its 1 percent salary contribution campaign, the company said Friday.

The donation campaign, which started in October 2011 among senior officials and executives, has expanded to include POSCO employees, who are now contributing 10,000 won ($9) to 80,000 won per month.

The raised funds will be transparently managed by the new foundation to help the poor and underprivileged, company officials said.

POSCO also announced it would annually match the total donations contributed by executives and employees and expected to raise around 20 billion won ($17.97 million) within five years.

(jhk@heraldcorp.com)