근로자 생활안정자금 종류In this post, we will learn about the ‘Employee Life Stability Fund Loan Project’, which provides low-interest loans to low-income workers for essential living expenses such as marriage funds, medical expenses, and child support expenses.
The ‘Employee Life Stabilization Fund Loan Project’ provides long-term, low-interest support to low-income workers, special workers, and single business owners who voluntarily subscribe to industrial accident insurance for essential living funds such as medical expenses and marriage funds, thereby reducing the household burden of workers and stabilizing their lives. This is a project that we support.
This applies to workers who have been working or providing labor at their workplace for more than 3 months as of the date of application, and whose average monthly income is less than 2/3 of the median income of a three-person household (KRW 2.96 million in 2023).
The loan conditions are 1.5% annual interest, 1 year grace period, and 3 or 4 year equal installments of principal. However, small living expenses are subject to a one-year grace period and a one-year repayment condition.
The essential living expenses eligible for loans include medical expenses, parental care expenses, funeral expenses, wedding expenses, children’s tuition and childcare expenses, living expenses due to reduced wages, and other small living expenses. Details and loan limits for each loan type are listed in the table below.
※ When applying for two or more types of loans, the maximum limit is 20 million won per person.
We use the Korea Workers’ Compensation and Welfare Service’s credit guarantee support system and must pay a separate guarantee fee of 0.9% per annum.
You can apply online through the Workers’ Welfare Network website (welfare.comwel.or.kr) or by visiting each regional headquarters or branch of the Korea Workers’ Compensation and Welfare Service in charge of your business.
Living stability fund processing procedure [Source: Labor Welfare Net]
Meanwhile, until now, workers with fixed working hours have experienced some inconvenience due to the inconvenience of having to obtain a copy of resident registration, proof of income, etc. from various institutions and submit them by fax or email in order to apply for a loan, but from July 3 this year, With the introduction of the ‘Public My Data Service’, users can save time and money by being able to replace the required documents by simply submitting a ‘Request for Provision of Personal Information to a Third Party’ at the same time as applying.
The public my data service is a service that allows you to request that your administrative information scattered across administrative and public institutions be provided to you or a third party designated by you.
The personal information that Korea Workers’ Compensation and Welfare Service obtains through this public my data service is a total of 10 types, including proof of income amount, business registration certificate, health insurance application details, health insurance eligibility confirmation, resident registration copy and abstract, and will continue to expand personal administrative information. They say they are planning to go out.
Detailed information regarding loan applications can be found at the Korea Workers’ Compensation and Welfare Service call center (1588-0075) and the Korea Workers’ Welfare Network website (welfare.comwel.or.kr).
So far, we have told you about the workers’ livelihood stabilization loan.
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