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Corporate social contributions rose 6.8% in 2015: FKI

Sept. 26, 2016 - 11:51 By 임정요

More than 250 South Korean companies spent nearly 3 trillion won ($2.7 billion) last year to support underprivileged people despite an economic slump, a business lobby said Monday.

A total of 255 companies provided 2.92 trillion won to social welfare programs that range from scholarships and daycare centers to parks and welfare facilities, according to the report by the Federation of Korean Industries.

The figure represents a 6.8 increase from 2.71 trillion won in 2014, according to the FKI.

The contributions come as many South Koreans called for corporate social responsibility in recent years amid widespread perception that conglomerates are to blame for the wealth gap.

"Companies are now acting in a leading role of not just making contributions and donations but also participating in various activities that can actually lead to changes in society," said Lee Yong-woo, an FKI official.

The report showed that more than half of the companies increased their spending on social contributions from a year earlier.

About 30 percent of the contributions were made to help those unprivileged, while the remainder were donated for academic research, disaster relief, environmental conservation and culture, the FKI said.

Nearly 80 percent of local companies maintained the same size of departments or designated officials in charge of social contributions from a year earlier, while 18.9 percent said they have newly set up such departments. (Yonhap)