KB Financial Group Supports 'Small Business Customized Low Birthrate Policy' for Work-Life Balance

Chairman Yang Jong-hee Signs Business Agreement with Seoul Mayor Oh Se-hoon and Chairman Ryu Jin of Hankyung Federation

Ryu Jin, Chairman of the Korea Economic Association, Oh Se-hoon, Mayor of Seoul, and Yang Jong-hee, Chairman of KB Financial Group, are posing for a commemorative photo. (Source: KB Financial Group)

On the 26th, KB Financial Group announced that it signed a joint cooperation memorandum of understanding (MOU) to overcome the low birthrate crisis by fully supporting 5 billion KRW in project funds for childbirth and childcare support for small business owners. The signing ceremony took place at Seoul City Hall, attended by Seoul Mayor Oh Se-hoon, Ryu Jin, Chairman of the Korea Economic Association, and Chairman Yang Jong-hee.

This MOU is part of KB Financial's win-win management activity, the 'KB Together with the People Project.' Starting with the agreement with Seoul City, KB Financial will collaborate with major local governments nationwide to provide a total of 16 billion KRW to address the childcare gap faced by small business owners.

Unlike office workers, small business owners do not have the concept of maternity leave or parental leave, so childbirth and childcare can directly lead to a suspension of livelihood activities. To help resolve this, KB Financial and Seoul City are launching the first 'public-private joint customized low birthrate policy' for small business owners, who have been overlooked in previous low birthrate measures.

Through the 'three-piece set of small business owner childbirth and childcare support'?which includes support for substitute labor costs during parental leave, childcare services for children aged 0 to 12, and support for fixed costs incurred during leave due to pregnancy and childbirth?KB Financial and Seoul City will help small business owners balance childbirth, childcare, and their businesses. Additionally, KB Financial will provide HR and labor consulting services to small business owners facing difficulties in business operations due to childbirth and childcare.

On this day, Chairman Yang Jong-hee said, “We hope that this agreement will help small business owners, the cornerstone of our economy, reduce the burden of childbirth and childcare.” He added, “KB Financial will do its best to create a better world where work and family can coexist by joining forces with various stakeholders to overcome the critical issue of low birthrate in our society.”

Meanwhile, KB Financial has reorganized its social contribution strategy system focusing on 'care' and 'win-win' to contribute to solving low birthrate and self-employment issues. The 'care' sector includes low birthrate (childbirth encouragement support), childcare (establishment of care systems), education (nurturing future generations), and life & safety (senior care). The win-win sector consists of job support (youth employment), small business support (business assistance), environment (carbon emission reduction), and global (medical and educational support) fields.

Furthermore, to contribute to solving the low birthrate problem, KB Financial is working with the Ministry of Education to create a world without childcare gaps. Since 2018, it has supported 125 billion KRW to newly build and expand a total of 2,265 national and public kindergartens and elementary school care classrooms nationwide. By 2027, it plans to open 36 'Hub-type Neulbom Centers' nationwide and support the Neulbom School economic and financial education program.

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