NongHyup Bank to Launch Preferential Savings Product for SME Employees in Partnership with Ministry of SMEs and Startups and Korea SMEs and Startups Agency

"Supporting Workforce Shortages and Asset Building for SMEs"

NH NongHyup Bank (President Kang Taeyoung) announced on the 17th that it had signed a business agreement with the Ministry of SMEs and Startups and the Korea SMEs and Startups Agency at the Korea Federation of Banks in Jung-gu, Seoul, to promote a preferential savings and mutual aid program for employees of small and medium-sized enterprises (SMEs).

The purpose of this agreement is to strengthen policy finance that supports the alleviation of workforce shortages in SMEs and helps employees build stable assets. NongHyup Bank was selected as a new operating institution for this project through an additional recruitment process. Based on this agreement, NongHyup Bank plans to launch a preferential savings product for SME employees in December.

Subscribers to this product will receive company support funds equivalent to 20% of their savings contributions, as well as preferential interest rates. Companies will benefit from tax advantages, such as recognizing the support funds as deductible expenses and receiving income tax reductions. This is expected to provide practical support for employees and ease the financial burden on companies.

Kang Taeyoung, President of NongHyup Bank, stated, "Through this agreement, we hope to establish a solid foundation for SMEs to grow together," adding, "We will continue to do our utmost to practice productive and inclusive finance by supporting SMEs."

At the business agreement ceremony held on the 17th at the Korea Federation of Banks in Jung-gu, Seoul, Tae-young Kang, President of NongHyup Bank (left), Seongsuk Han, Minister of SMEs and Startups (center), and Seongyong Jo, CEO of Ssangin (right) are posing for a commemorative photo. NongHyup Bank