SK Ino employees collect 1% of base salary to donate 3.4 billion KRW to 74 partner companies

Cooperative Fund Delivered Ahead of Seol Holiday
Government and Partners Joint Labor Welfare Fund of 400 Million Also Provided

SK Innovation announced on the 31st that it has delivered 3.8 billion KRW in mutual growth support funds to its partner companies.

On the same day, SK Innovation held the ‘2024 SK Innovation Partner Companies Mutual Growth Fund Delivery Ceremony’ at the Harmony Hall of SK Innovation Ulsan Complex (CLX) in Nam-gu, Ulsan.

SK Innovation delivered a total of 3.8 billion KRW to its partner companies, consisting of 3.4 billion KRW from the mutual growth fund created by collecting 1% of the base salary and an additional 400 million KRW from the government and partner companies’ joint labor welfare fund contributions. Since 2018, the ‘Happy Together’ initiative by SK Innovation members has continued for seven years, with the total mutual growth funds delivered to partner companies reaching 22 billion KRW.

Of the 3.8 billion KRW fund, 3.4 billion KRW from the SK Innovation 1% Happy Sharing Fund will be directly delivered to about 5,800 members belonging to 74 resident partner companies ahead of the Lunar New Year holiday. The 400 million KRW from the joint labor welfare fund contributions will be used for welfare programs such as group accident insurance for members of 21 participating partner companies.

The partner companies’ mutual growth fund delivery ceremony has been a social promise between labor and management at SK Innovation since 2018. Since 2020, with the participation of the government and partner companies in fund formation, a cumulative total of 21.94 billion KRW has been collected and delivered in various ways to more than 41,000 partner company members up to this year.

At the '2024 SK Innovation Partner Win-Win Fund Delivery Ceremony' held on the 31st at SK Innovation Ulsan Complex (CLX), guests are taking a commemorative photo. (From the third person on the left) Oh Jong-hoon, CEO of SK Energy; Park Yul-hee, Chairman of SK Innovation Labor Union; Park Sang-gyu, President of SK Innovation; Ahn Hyo-dae, Vice Mayor for Economic Affairs of Ulsan Metropolitan City; Lee Yoon-chul, Chairman of Ulsan Chamber of Commerce and Industry. Photo by SK Innovation

Park Yul-hee, Chairman of the SK Innovation Labor Union, said, “I deeply appreciate the sincerity of the members who voluntarily participate and have maintained the 1% partner companies mutual growth fund delivery ceremony for seven years,” adding, “We are building pride in growing together with partner company members and will continue to do our best for mutual growth with partner companies.”

Ahn Hyo-dae, Deputy Mayor for Economic Affairs of Ulsan Metropolitan City, said in his congratulatory speech, “The SK Innovation partner companies mutual growth fund delivery ceremony is a model case of mutual growth between a leading large corporation and small and medium-sized enterprises in Korea,” and added, “If SK Innovation takes the lead and other companies actively join in mutual growth, it will be possible to lead national development including Ulsan.”

Park Sang-gyu, President of SK Innovation, said, “Despite the ongoing difficult times due to uncertain economic conditions and a global economic downturn, the government and companies have overcome these difficulties well through mutual growth efforts,” and added, “As a representative mutual growth company in Korea, SK Innovation will continue to keep the mutual growth promise made over the past seven years, overcome crises, and leap higher together.”

The event was attended by Deputy Mayor Ahn, Lee Yoon-chul, Chairman of the Ulsan Chamber of Commerce and Industry, Kim Jun-hwi, Director of the Ulsan Employment and Labor Office of the Ministry of Employment and Labor, Hyeong Hee-hwan, Director of the Welfare and Pension Bureau of the Korea Workers’ Compensation and Welfare Service, as well as President Park, Oh Jong-hoon, President of SK Energy, Chairman Park, Kim Jong-hwa, Head of SK Energy Ulsan CLX, Park Jong-deok, CEO of Dongbu Co., Ltd., and other members.