South Korea’s largest energy company SK Innovation said Tuesday it has delivered a total of 3.6 billion won ($2.9 million) to seek shared growth with smaller partner companies, as part of a corporatewide campaign now in its sixth year.
Of the fund, 3.2 billion won came from the 1 Percent Happiness Sharing Fund, which is created by collecting 1 percent of the base salaries of employees, while the remainder was raised by collecting contributions from the government and a welfare fund for partner firms.
The company launched the 1 percent fund in 2018 following an agreement between management and the labor union reached in 2017. Thus far, an accumulative 18.1 billion won has been collected to be used to improve employee welfare and boost productivity at its partner companies.
SK Innovation said this year’s fund will be delivered to more than 6,000 employees of 74 partner firms for the upcoming Lunar New Year's holidays, while some of the funds will be used to renew accident insurance and improve other conditions at workplaces.
"SK Innovation has achieved a greater leap forward over the past 60 years by overcoming big and small difficulties with its partners," said Kim Jun, vice chairman of SK Innovation, during the fund delivery event held at the company’s Ulsan complex. "The past journey with our partners has given us deep trust, and this will be the driving force to continue for the next 60 years."