850 Billion KRW Loaned for Worker Wedding Expenses and Living Stability Funds in the First Half of the Year
[Sejong=Asia Economy Reporter Moon Chaeseok] The Korea Workers' Compensation and Welfare Service under the Ministry of Employment and Labor announced on the 2nd that it supported 14,509 workers with 84.5 billion KRW through the Living Stability Fund Loan Project in the first half of this year.
The Living Stability Fund Loan Project provides unsecured, low-interest loans of up to 20 million KRW per person to low-income workers and special employment workers (teukso) as well as their families for living expenses such as medical costs, wedding expenses, and funeral costs.
This year, childcare expenses for children under 7 years old were newly added, with 2,923 people receiving 14.5 billion KRW in support. Support for special employment workers was also expanded, with 2,877 people receiving 16.6 billion KRW.
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By loan purpose, wedding expenses (21.3 billion KRW) were the highest. Childcare expenses (14.5 billion KRW), tuition fees for children (12.9 billion KRW), medical expenses (10 billion KRW), and living expenses due to wage reduction (8 billion KRW) followed.
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