Preferential Savings Deduction for SME Employees Now Available at KB Kookmin and NH Nonghyup Banks

Business Agreement Signed Between NH Nonghyup Bank, KB Kookmin Bank, and Korea SMEs and Startups Agency on the 17th
Expansion to Four Banks Including IBK Industrial Bank of Korea and Hana Bank

The number of banks handling the Preferential Savings Deduction for SME Employees will be expanded from the existing IBK Industrial Bank of Korea and Hana Bank to include NH Nonghyup Bank and KB Kookmin Bank, bringing the total to four banks.

The Ministry of SMEs and Startups announced on the 17th that it had signed a business agreement at the Bankers' Hall with NH Nonghyup Bank, KB Kookmin Bank, and the Korea SMEs and Startups Agency to expand the number of banks handling the Preferential Savings Deduction for SME Employees. This preferential savings deduction product allows employees to choose to save between 100,000 and 500,000 won per month, offering a corporate support payment equivalent to 20% of the employee's monthly savings and a preferential bank interest rate of up to 4.5%.

Hansung Sook, Minister of SMEs and Startups, is delivering a greeting at the "Savings Deduction Agreement Ceremony for Preferential Treatment of Small Business Employees" held on the 17th at the Bankers Hall in Jung-gu, Seoul. Ministry of SMEs and Startups

The Preferential Savings Deduction was launched in October last year through a public-private partnership with commercial banks and the government. Over the past year, more than 36,500 people from 7,100 companies have enrolled, with an average of 5.1 employees per company. This is more than double the number of employees benefiting compared to previous products.

Additionally, in September, a three-year product was introduced alongside the existing five-year product to provide more options for customers. Starting from December 15, the number of participating banks will increase to four, which is expected to make it more convenient for SMEs and their employees to enroll.

At the agreement ceremony, representatives from SMEs such as Hanpass and Ssangin attended in person and conducted a pre-application event for the preferential savings deduction with 30 young employees. Kim Kyunghoon, CEO of Hanpass, said, "It is difficult for SMEs to find people, and even when we do, many move to other companies, so staffing is a major concern. Products like the preferential savings deduction can encourage employees to stay longer, which will be a great help in alleviating workforce shortages."

Han Sung-sook, Minister of SMEs and Startups, stated, "From December 15, the preferential savings deduction will be available at 2,500 branches of four banks nationwide, so we expect more SMEs and employees to enroll. We will continue to develop various policy support measures so that more people can regard SMEs as good workplaces."

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