근로자 생활안정자금 종류2022. 9. 2. 21:30
The Korea Workers’ Compensation and Welfare Service operates a livelihood stabilization fund loan project at low interest rates to stabilize the lives of low-income workers.
If you need a lump sum for medical expenses, children’s school fees, etc., or if your income has decreased for business reasons, you may be able to take advantage of the various types of loan systems provided by the Korea Workers’ Compensation and Welfare Service.
Please take note of this brief introduction to the types, amounts, and conditions of livelihood stabilization loans.
Korea Workers’ Compensation and Welfare Service loan types and amounts
The Korea Workers’ Compensation and Welfare Service’s livelihood stabilization fund loan support is classified into eight types depending on the purpose. The details and loan limits for each type are as follows.
1. Medical expenses (limit of 10 million won)
Costs for treatment or use of postpartum care centers for the person or their dependents, and costs for use of nursing facilities after diagnosis of a geriatric disease
2. Parental care expenses (limited to 10 million won)
The cost of future care if a parent or grandparent is diagnosed with a geriatric disease is 5 million won per year per parent within the range of 10 million won.
3. Wedding expenses (limited to 12.5 million won)
Costs for your own or your child’s wedding
4. Funeral expenses (up to 10 million won)
Funeral costs due to the death of you, your spouse, your and your spouse’s parents or grandparents
5. Children’s tuition (limited to 10 million won)
The cost of education for children attending high school is 5 million won per year per child within the range of 10 million won.
6. Child support (limited to 10 million won)
Expenses for preschool children: 5 million won per year per child within the range of 10 million won
7. Wage reduction living expenses (limit of 10 million won)
If more than 3 months have passed since the date of income decrease due to business reasons
8. Small living expenses (2 million won)
If income decreases due to leave of absence due to personal circumstances, problems with business structure, etc.
Targets and conditions for each type of loan
These are the targets and conditions for each loan type above. Conditions such as the worker’s length of service and income level as of the loan application date must be met.
1. Medical expenses, wedding expenses, funeral expenses, parental care expenses, children’s education expenses, child support expenses
-You must have been working for at least 3 months as of the date of loan application. (Daily workers are insured by employment insurance for more than 45 days within 90 days prior to the application date)
-The average monthly income must be less than two-thirds of the median income (three-person household). (2.8 million won as of 2022)
-Income requirements do not apply to non-regular workers.
2. Reduced wages and living expenses
-Must be employed for more than 6 months.
-Your income must be reduced for more than 3 months due to management reasons, and your average monthly income must be reduced by more than 30% for the 3 months prior to the date of application.
-The average monthly income for the three months prior to the application date must be less than 70% of the amount equivalent to two-thirds of the median income (three-person household). (1.96 million won as of 2022)
3. Small living expenses
-Must be employed for more than 3 months. (Daily workers are insured by employment insurance for more than 45 days within 180 days prior to the application date)
-Monthly income must decrease by more than 30% compared to the previous month due to personal circumstances, seasonal business, etc.
-The monthly income eligible for the loan with reduced wages must be less than 70% of the amount equivalent to two-thirds of the median income (three-person household). (1.96 million won as of 2022)
Loan interest rate and repayment method
The Korea Workers’ Compensation and Welfare Service’s livelihood stabilization fund loan interest rate is a low interest rate of 1.5% per annum, and the repayment method is one-year grace period and three or four-year equal installments of principal.
(For small living expenses, the principal is repaid in equal installments over a 1-year grace period)
To apply for a loan, you can visit the local headquarters or branch of the Korea Workers’ Compensation and Welfare Service under the jurisdiction of your workplace, or you can apply after logging in with a joint certificate through the Internet ‘Labor Welfare Net’.
Labor law information article
