Hyundai Motor Group on Thursday pledged a new investment plan worth 32 billion won ($28 million) over the next five years that would support “social enterprises” and create more jobs for young job-seekers and underprivileged people.

As part of the plan, the Korean auto giant said it would create 750 jobs by 2017 through a venture start-up program that inspires young people to start a new business that benefits society as well as seeking profits. 

The carmaker, in cooperation with the Labor Ministry, will select 30 teams through auditions every year and finance their business start-ups. Another 30 social enterprises will be supported annually in partnership with the Seocho district office.

Hyundai also will extend beneficiaries of its “gift-car” program that offers vehicles to smaller vendors, one of its most representative social contribution activities which started in 2010.

The number will increase from the current 30 to 50 starting this year. Recipients are also offered funding of 5 million won, a low-interest loan and education and consultations for starting a new business.

Hyundai also plans to create some 1,200 jobs through franchise businesses of existing social enterprises such as those operated by farmers with disabilities or service companies that take care of elderly people living alone.

“Through our new investment and programs, we will contribute to resolving the deepening income polarization and creating quality jobs for young people and underprivileged households,” said the carmaker in a statement.

By Lee Ji-yoon (jylee@heraldcorp.com)