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A Global Perspective on Corporate Caring Senior Citizen Welfare in Korea

As part of research on how other cultures and countries deal with their aging population and the elderly, I ran across this enlightening example on the concept of corporate caring. Prudential Corporation Asia is part of Prudential plc (United Kingdom), a 160-year-old international retail financial services group headquartered in London. With market-leading life insurance, fund management and consumer finance operations across Asia, Prudential serves more than 22 million customers and manage £290 billion in assets (as of December 31st 2009).

Within a decade, Prudential Corporation Asia has become the region’s leading Europe-based life insurer in terms of market coverage and number of top three market positions, with over 410,000 agents and employees. Our insurance operations span 12 markets – Mainland China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. PCA has led the retirement insurance market since it launched its business in Asia in 2002. The U.K.-based international insurer plans to increase its corporate social responsibility (CSR) activities this year as baby-boomers start to retire.

South-Korea Eye by *Mizz-Colorzz on deviantART

The insurance company recently signed a treaty with HelpAge Korea* to provide financial support for senior citizens. PCA provides financial support through many welfare programs for the aged, such as “Seniors Participation Sharing Place,” a community of elderly widows in Seoul. In February, the insurer provided “Love Magic Pockets,” which contained New Year’s gifts and letters written by employees of PCA, to 200 senior citizens. In addition, PCA will introduce a CSR program, “The Chairman’s Award” this year, through which the insurer will donate 170,000 won to HelpAge Korea whenever a local PCA employee registers as a volunteer, to encourage CSR activities within the firm.

*In South Korea, HelpAge Korea has been running a volunteer-based home-care program since 1987. The organization also provides training for government-run programs, based on its own model.

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About The Author: Gloria Ha’o Schneider is an expert in senior citizen and baby boomer issues. Her topics revolve around Senior Living and Healthcare to provide the latest information to this demographic as well as their families and loved ones.

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