South Korean Business Groups Strengthen Wartime Forced Labor Compensation Fund with $2.1M Donation
New contributions from major business lobbies and POSCO bolster South Korea's independent reparations framework for victims of Japan's colonial-era forced labor.
- The Korea Chamber of Commerce and Industry and the Federation of Korean Industries each donated 1.5 billion won ($1.05 million) to the Japanese Forced Mobilization Victims Support Foundation.
- South Korea's steel giant POSCO also contributed significantly with a 6 billion won donation to the compensation fund.
- These contributions enhance the foundation's ability to provide reparations to victims, ensuring a stable funding structure independent of Japanese monetary contributions.
- The foundation was originally established in 2014 under former President Park Geun-hye to manage payments based on Supreme Court rulings holding Japanese companies accountable.
- The Yoon Suk Yeol administration's 2023 decision to independently fund reparations has improved bilateral relations with Japan, though no voluntary contributions have been received from Japanese firms.
