Pohang University of Science and Technology (POSTECH) in Pohang, North Gyeongsang Province, will receive the largest investment in the history of South Korean universities. POSTECH plans to transform into a university that competes with the world’s top universities by receiving a total investment of 1.2 trillion won over the next 10 years. According to the ChosunBiz report on Jan. 31, the POSTECH school corporation passed the POSTECH 2.0: Second Founding Plan to this effect at a board meeting held on Jan. 30.
By 2033, POSTECH will significantly innovate its education and infrastructure by receiving a 1.2 trillion won investment. The university was chosen for the Ministry of Education’s Glocal (global and local) University project, gaining 100 billion won each from the government and North Gyeongsang Province, with a 200 billion won commitment from its corporation. Alongside the already secured 400 billion won, POSTECH plans to contribute an additional 600 billion won and aims to collect another 200 billion won through donations. Even without the potential 200 billion won in donations, POSTECH has already achieved a remarkable 1 trillion won in funding, an unprecedented amount for a Korean university in such a short time.
POSTECH has assets exceeding 2 trillion won, encompassing a 2% stake in POSCO, real estate, and shares in affiliate companies. Previously, the board prohibited the disposal of these assets. “To rival top global universities in the AI era, massive investment is essential,” POSTECH said. “With the board’s decision, POSTECH will achieve its Second Founding, 38 years after its establishment in 1986.”
POSTECH’s first area of investment from the 1 trillion won will be talent recruitment. It plans to allocate 103.6 billion won to hire excellent professors and 112.4 billion won to enhance faculty competitiveness. The university will raise the retirement age for distinguished professors from 65 to 70. Professors between 50 and 55 will undergo a performance review, and those with superior research outcomes may extend their careers by another 20 years. POSTECH also plans to introduce an unconventional performance-based pay system to attract globally eminent scholars.
