'3.2% Annual' Science and Technology Talent Prime Savings, Lowering Subscription Barriers
[Asia Economy Reporter Junho Hwang] To support small and medium-sized enterprises and mid-sized company scientists and engineers struggling due to the prolonged COVID-19 pandemic, the subscription criteria for the regular savings product 'Gwahakgisul-in Euddeum Jeokgeum' (Science and Technology Professionals Prime Savings) will be relaxed. Young science and technology professionals will receive an additional preferential interest rate benefit of 0.3%p. The Ministry of Science and ICT and the Science and Technology Professionals Mutual Aid Association announced these support measures for science and technology professionals on the 20th.
The Mutual Aid Association will relax the subscription criteria for Gwahakgisul-in Euddeum Jeokgeum starting from Science Day on the 21st. Previously, a separate agreement between the Mutual Aid Association and the affiliated company was required for subscription, but now, individuals who meet certain qualifications can subscribe without such an agreement.
Gwahakgisul-in Euddeum Jeokgeum is a regular savings product with a maximum annual compound interest rate of 3.2%. The subscription period can be chosen from 1, 2, 3, or 5 years. Monthly deposits can be freely set starting from 100,000 KRW up to a total maturity principal limit of 100 million KRW, with the option to increase or decrease the deposit amount. Young science and technology professionals are also offered an additional preferential interest rate benefit of 0.3%p. For a 5-year maturity subscription, the maximum annual compound interest rate becomes 3.5%.
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Kang Sangwook, Director of the Future Talent Policy Bureau, stated, "During this difficult time due to COVID-19, we hope this will boost the morale of science and technology professionals, especially young ones, and help improve their research environment." He added, "We also plan to promote supplementary loan systems for Mutual Aid Association members who are facing financial difficulties due to COVID-19 in the future."
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