A post office public savings programme to support asset-building among financially vulnerable groups and help them resume financial activity will begin.

The Ministry of Science and ICT's Postal Service will run the 'Saero Bom Post Office Public Savings' programme for inclusive finance from the 10th.

The newly introduced Saero Bom Post Office Public Savings product will pay an achievement support grant of 500,000 won to participants who deposit at least 30,000 won a month for six months. It will also pay an additional incentive of 100,000 won to those who complete financial literacy education provided by the Financial Supervisory Service, the Korea Inclusive Finance Agency and the Credit Recovery Commission.

To select participants, the Postal Service accepted applications from vulnerable groups, including low-credit borrowers, long-term delinquent debt write-off recipients and basic livelihood security recipients, from March 31 to April 30. About 8,700 people applied. It finalised 2,200 participants after considering the need for support, level of economic vulnerability and social vulnerability factors.

Those selected must visit a post office and open a savings account by the 23rd. If they make monthly deposits through November this year, they can receive the achievement support grant for the December deposit.

Park In-hwan (박인환), head of the Postal Service, said, "We will continue to fulfil our social responsibility and work to realise inclusive finance by using the post office infrastructure."