The Small and Medium Business Administration (SMBA) announced on June 10 that it has signed a memorandum of understanding (MOU) with NH Bank at the bank's Jeju headquarters to strengthen regional cooperation.
This agreement aims to establish a practical collaboration framework focused on supporting asset formation and long-term employment for employees of local small and medium-sized enterprises (SMEs). Starting from Jeju, SMBA and NH Bank plan to expand the enrollment of SME employees in the savings support program and enhance nationwide support for local SMEs.
Through this partnership, the two organizations will collaborate on several initiatives, including joint promotion of the savings support program, identifying and connecting with outstanding local SMEs, and providing financial products and loan support to promising SMEs.
The "Savings Support Program for SME Employees" is a policy financial product designed to assist in asset formation and long-term employment for employees in SMEs. It is operated in collaboration with the Ministry of SMEs and Startups, SMBA, and the financial sector. Employees who save between 100,000 to 500,000 won per month receive an additional 20% contribution from their employer, while banks offer preferential interest rates of up to 4.5%. For employees saving 500,000 won monthly, the total payout at maturity after five years, based on a 4.5% interest rate, would be approximately 39.8 million won.
Jo Han-kyu, Director of Human Resources Growth at SMBA, stated, "This agreement is significant as it lays the groundwork for the local expansion of the savings support program through a collaborative model. We will continue to enhance our cooperation with partner banks to strengthen support for SME employees."
* This article has been translated by AI.
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