Woori Financial Group's Woori Financial Future Foundation said on Monday it has created the "Woori Financial National Defense Scholarship" to support children of service members who have devoted themselves to the country. It will select 200 scholarship recipients each year and provide 1 million won per person.

Applications will be accepted through June 30. The scholarship is set to be paid in September after screening.

The scholarship will be promoted in cooperation with the Patriotic Scholarship Foundation under the Ministry of National Defense. It was introduced as part of the Woori Hero Support Project, a social contribution programme run by the Woori Financial Future Foundation. It aims to help children of service members continue their studies in a stable environment.

Eligible applicants include children of service members in need of support, including those from families affected by service-related injuries, disabilities and single-parent households. A total of 200 recipients will be selected each year to receive scholarships. Further details are available on the websites of the Woori Financial Future Foundation and the Patriotic Scholarship Foundation.

The Woori Hero Support Project provides living expenses, medical costs and children's education expenses to military, police and fire officials and their families who face hardship due to death in the line of duty or injury. Since it began in 2022, it has supported about 1,700 officials and their families. This year, it plans to expand its scope to include scholarships, family camps and child support programmes.

Im Jong-ryong (임종룡), chairman of the Woori Financial Future Foundation, said "the everyday lives we enjoy today are possible because there were patriotic heroes who devoted themselves to the country." He said Woori Financial "will not forget the heroes' noble spirit and will fulfil its social responsibility so that the families left behind do not lose hope."