GS Retail Supports Employee Medical Expenses with 1.9 Billion KRW Through Staff Salary Donations

[Asia Economy Reporter Seungjin Lee] GS Retail announced on the 18th that since 2004 until January of this year, it has supported a total amount of 1.93 billion KRW to 670 employees who faced financial difficulties due to their own severe illnesses or family health issues through the ‘Jageun Sarang Nanumhoe’ (Small Love Sharing Association).

GS Retail’s ‘Jageun Sarang Nanumhoe’ is an internal support system operated since 2004, where voluntarily enrolled members among approximately 4,000 employees donate less than 1,000 KRW (1 to 999 KRW) from their monthly salary. All current GS Retail employees can join, and support can be received up to a maximum limit of 10 million KRW for themselves, parents, parents-in-law, and children.

The support criteria for diseases include major adult diseases defined by insurance companies such as cancer, heart and brain diseases, renal failure, premature birth, leukemia, as well as incurable diseases, and major adult causes of death based on Statistics Korea data. Other serious diseases undergo a separate review process depending on the case. From 2017 to 2019, the top three diseases receiving the most support were ▲1st lung cancer ▲2nd cerebral infarction ▲3rd stomach cancer.

Before the establishment of Jageun Sarang Nanumhoe, departments or stores conducted separate fundraising events for employees’ accidents and serious illnesses. However, to accumulate funds regularly and provide more systematic and practical support based on detailed criteria, the Jageun Sarang Nanumhoe support system was established in 2004 and has been steadily operated since then.

GS Retail’s Jageun Sarang Nanumhoe provides appropriate financial support considering each employee’s economic situation and required expenses to employees facing financial difficulties due to their own or family members’ illnesses, enhancing employee welfare and satisfaction. Additionally, supported employees work stably and actively engage in sharing activities for neighbors through GS Nanumi, creating a virtuous cycle of sharing.

Furthermore, GS Retail makes various efforts to increase employee satisfaction through diverse systems such as medical expense support covering 50% of out-of-pocket medical costs exceeding 100,000 KRW for the same disease, disaster support for personal injury, house damage, and flooding, congratulatory and condolence money for weddings, funerals, and childbirth, child education expenses support, and recreational facility support.

Park Jeonghyun, Team Leader of GS Retail’s Organizational Culture Service Team, said, “GS Retail strives to share difficulties and alleviate pain together with the funds raised through the sincerity and love of employees via Jageun Sarang Nanumhoe,” adding, “We will make further efforts to provide practical help to employees facing sudden illnesses and disasters so that employees can feel a sense of fulfillment and pride.”