Saved 1.5 Million KRW Annually, Withdraw 6 Million KRW... Ulsan Shipbuilding Industry Naeil Chaeum Deduction Program

by Kim Yongu

Published 16 Jun.2022 09:13(KST)

Updated 09 Aug.2025 19:12(KST)

Ulsan City · Ulsan Employment and Labor Office · BNK Gyeongnam Bank · Ulsan Job Foundation

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City, the Ulsan Employment and Labor Office of the Ministry of Employment and Labor, BNK Gyeongnam Bank, and the Ulsan Job Foundation will sign a "Shipbuilding Industry Tomorrow Savings Deduction Project Business Agreement" to support jobs in the shipbuilding industry at 11 a.m. on the 16th in the mayor's reception room on the 7th floor of the city hall main building.

The signing ceremony will be attended by Song Cheol-ho, Mayor of Ulsan, Shim Seong-bo, Director of Ulsan Employment Welfare Plus Center at the Ulsan Employment and Labor Office of the Ministry of Employment and Labor, Lee Sang-bong, Head of Ulsan Sales Headquarters at BNK Gyeongnam Bank, Jeong Chang-yoon, Director of the Ulsan Job Foundation, and other related officials.

The roles of each participating institution in the agreement are ▲ (Ministry of Employment and Labor, Ulsan City) management of the "Shipbuilding Industry Tomorrow Savings Deduction" project ▲ (Lead Bank) financial operation management such as opening accounts for deduction subscribers, deposit payments, and payment of maturity funds upon cancellation ▲ (Ulsan Job Foundation) project promotion and recruitment support for subscribers and other project operation support.

This deduction project, promoted as a "Regional Industry Customized Job Creation Support Project," is an asset-building program where young workers save 125,000 KRW monthly, and the government and local governments support 375,000 KRW monthly, providing a maturity deduction amount of 6 million KRW plus interest after one year of continuous employment.

The support target is 450 young people aged 18 to 39 residing in Ulsan who joined as regular employees at Hyundai Heavy Industries or Hyundai Mipo Dockyard subcontractors between March 14, 2022, and December 31, 2022.

An official from Ulsan City said, "We signed a business agreement with related organizations to successfully promote the Regional Industry Customized Job Creation Support Project," adding, "We will actively utilize the experience and foundation of each institution to further enhance job creation and long-term retention effects in the Ulsan shipbuilding industry."