Interest-Free Loans up to 2 Million Won for Construction Workers Affected by COVID-19... Applications Open from the 16th

[Asia Economy Reporter Kim Bo-kyung] The Ministry of Employment and Labor will implement the 'Emergency Living Stabilization Fund Loan Project for Construction Workers' to support construction workers struggling due to the novel coronavirus infection (COVID-19).

This program was established to provide interest-free loans to construction day laborers who find it difficult to use private financial market loan products due to the nature of their employment during the COVID-19 situation. The loan project will utilize 100 billion KRW from the retirement reserve funds accumulated in the Construction Workers Mutual Aid Association. It is expected to support approximately 87,000 construction workers.

Construction workers who have accumulated at least 252 days of retirement contributions and have a principal amount of 1 million KRW or more can receive an interest-free loan up to 2 million KRW within 50% of their own accumulated amount. Applications will be accepted for four months from the 16th of this month to August 14.

Construction workers wishing to apply can visit any branch or center of the Construction Workers Mutual Aid Association nationwide with an ID that can verify their identity to apply on-site.

This content was produced with the assistance of AI translation services.