Search results for basic livelihood recipients
Finance
KB Kookmin Bank to cut special loan principal by up to 90 percent for vulnerable groups
KB Kookmin Bank will introduce a special debt relief programme to ease the debt burden of socially disadvantaged borrowers, including basic livelihood recipients and near-poor households. Starting July 13, the bank will reduce the principal of special claims by up to 90 percent to support credit recovery and a return to economic activity. Eligible groups include people with severe disabilities and others. The bank also simplified screening procedures.
Finance
K Bank to start applications for high oil price relief payments on April 27
K Bank said it will accept first-round applications for the government’s high oil price relief payments in its app starting April 27. The support policy is aimed at easing household burdens stemming from rising international oil prices and higher living costs. Payments will range from 100,000 won to a maximum of 600,000 won per person depending on income level and area of residence. Applications will be expanded to the bottom 70 percent of income earners from May 18.
Finance
Special debt discharge expansion for vulnerable borrowers raises bank burden, moral hazard debate
South Korea\'s financial authorities are drawing attention after launching a special debt discharge scheme that significantly reduces repayment burdens. The cap for support to vulnerable borrowers such as basic livelihood recipients and severely disabled people rises to 50 million won from 15 million won if they repay diligently for a set period. While there is support for helping low-income borrowers restart, concerns are being raised about higher losses for financial firms and potential moral hazard.
