Simplification of Job-Seeking Promotion Allowance Payment Tasks... Over 50% Reduction in Time

Ministry of Employment Partners with NongHyup, Woori, and Hana Banks to Establish Pump Banking System

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Employment and Labor announced on the 16th that it signed a business agreement with NongHyup Bank, Woori Bank, and Hana Bank at the Seoul Employment and Labor Office to simplify the payment process of the Job-Seeking Promotion Allowance.

The Ministry of Employment and Labor and the banks established a firm banking system (transactions through dedicated inter-agency banking) by interconnecting their computer networks to process payment tasks online in real time. This enables the Ministry to deposit the Job-Seeking Promotion Allowance under the National Employment Support System directly into recipients' accounts in real time. Until now, officials in charge had to process procedures such as allowance payment decisions and expenditure resolutions separately across multiple information systems, which took a long time. Going forward, the time required for allowance payments is expected to be reduced to about 30-50% of the current duration.

Meanwhile, as of the 14th of this month, 472,000 low-income job seekers and others have applied for the National Employment Support System service, which has been in effect since January. The Ministry of Employment and Labor has provided customized services to 392,000 of them. A total of 1.41 million Job-Seeking Promotion Allowances have been paid.

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