Increasing Interest in Employee Welfare... Woori Bank Supporting Win-Win Growth for Companies and Employees

Launched 'UriFlex Program' Last March
Supports Employee Interest Repayment and IRP Savings with Deposit Interest
"Leading a Corporate Welfare Culture Focused on Mutual Growth"

Woori Bank's win-win program, which offers higher interest rates than regular corporate time deposits, allowing companies to provide in-house welfare benefits such as loan interest support to employees, is gaining attention.

Woori Bank's 'Woori FLEX Program,' operated since March, is designed so that the deposit interest can be used for employees' personal loan interest repayments or additional contributions to individual retirement pensions (IRP). FLEX is used in the context of companies "splurging" significantly on in-house welfare, with the meaning of flaunting success or wealth.

Companies wishing to adopt the program simply need to sign an agreement with Woori Bank and subscribe to the 'Woori FLEX Time Deposit.' The deposit interest is automatically transferred every month to a separately opened corporate free deposit account. This allows convenient management and expenditure of welfare funds. Woori Bank provides a higher interest rate on this time deposit compared to regular time deposits to support strengthening in-house welfare. Currently, the Woori FLEX Time Deposit interest rate is in the low 4% range per annum (6-month maturity, before tax), which is higher than the regular corporate time deposit rate of 3.85%.

The program reflects the recent increase in demand for in-house welfare. As employees increasingly desire diverse welfare benefits and in-house welfare becomes a key factor in attracting talent, companies face growing challenges. This program was created to simultaneously meet the needs of both employees and companies. Woori Bank is the first to introduce a program linking corporate deposit products with in-house welfare.

A representative of a mid-sized company using the Woori FLEX Program said, “With growing welfare demands from executives and employees and intensified competition among companies to attract top talent, we decided to adopt this program,” adding, “Since it supports loan interest repayments and retirement pension contributions, employee responses have been positive.”

A Woori Bank official stated, “Through this program, companies can recruit excellent talent, and executives and employees can receive welfare benefits, thereby fostering a sense of belonging to the company,” and added, “We will continue to expand programs that support the mutual growth of companies and employees.”

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