Hana Financial Group will implement a welfare programme to boost morale among service members.

Hana Financial said on June 9 it signed a memorandum of understanding with the Ministry of National Defense on June 8 at the ministry complex in Yongsan, Seoul, and will carry out the 'Hero with Hana' programme.

The programme is designed to support families of service members who died in the line of duty or were wounded, and service members who were wounded. It aims to reduce the financial burden on service members and their families and create a stable environment for military service.

Under the agreement, Hana Financial plans to provide welfare benefits worth 1 billion won a year to about 300 service members and their families annually. It will support medical expenses and purchases of medical devices for service members' families, and provide study furniture and digital devices for the children of fallen or wounded service members.

Defense Minister Kyu-baek Ahn (안규백) said, "I express deep gratitude for Hana Financial's warm companionship." He said the ministry would also do its part to honour the noble sacrifice and dedication of the heroes and ensure special compensation commensurate with their special dedication.

Hana Financial Chairman Young-joo Ham (함영주) said, "Through fulfilling the social responsibility of finance, we will take the lead in serving as a partner and a reliable support in the lives of service members and their families."