미소드림적금Korea Inclusive Finance Agency, reorganizes ‘Smile Dream Savings’
The Korea Inclusive Finance Agency announced on the 30th that it will reorganize the Smile Dream Savings Account to support asset formation for low-income and vulnerable groups.
Accordingly, practical support measures are provided to encourage asset formation in vulnerable groups, such as expanding the monthly subscription limit from the 31st and paying preferential interest rates upon maturity termination.
Smile Dream Savings is operated for low-income and vulnerable groups who faithfully repay the microcredit loans from Seogeumwon and low-income and faithful repayers who have been using the debt adjustment program of the Credit Recovery Committee and the National Happiness Fund for more than six months without delinquent payments. At maturity, the support is paid by matching 100% of the bank interest, and you can sign up through five commercial banks (Kookmin, Hana, Shinhan, Woori, and Enterprise).
With this product reform, the monthly subscription limit is expanded from 100,000 won to 200,000 won, and a 1.0% point preferential interest rate is added upon termination at maturity. When saving 200,000 won per month with a 3-year maturity, 5.0% worth of bank interest and savings interest subsidy are provided. Including this, you will be able to receive interest of approximately 970,000 won (about 10% per year).
Director Lee Jae-yeon said, “In addition to supporting the working class and vulnerable groups, it is meaningful to support the Smile Dream Savings Savings Fund under good conditions through the cooperation of Kookmin, Hana, Shinhan, Woori, and Industrial Bank of Korea.” “We will continue to promote and improve our products to help raise the lump sum we need.”
Korea Railway, Central Inland Line ‘KTX-Eum’ discount event
Korea Railroad Corporation announced on the 30th that it will hold a discount event for two months starting in April to promote the use of the Central Inland Line KTX-Eum.
The Central Inland Line is a mainline railway connecting Bubal Station in Icheon-si, Gyeonggi-do and Chungju Station in North Chungcheong Province, and is a new line that opened on December 31, 2021.
First of all, we are launching the ‘Half Price for Two’ and ‘Half Price for Three’ products that provide a 50% discount on train fares when two or three people travel together on the same section of the Central Inland Line. The discount applies to all Central Inland Line KTX-Eum trains operating from April 1 to May 31, with sales starting on the 1st.
KORAIL membership members who use the Central Inland Line for the first time between April and May will receive a ‘100% discount coupon for the Central Inland Line KTX-Eum ticket fare.’ One discount coupon is provided for the first time only, regardless of the number of tickets purchased. This also includes cases where two (three) people use it for the first time after purchasing a half-price product. Coupons will be issued in the first week of June after the end of the event period.
In addition, we express our gratitude with a ‘100% discount coupon’ to excellent members who have consistently used the Central Inland Line since its opening. From December 31, 2021, the opening date, to March 31, 2023, members who have issued more than 50 tickets for the Central Inland Line will receive 4 discount coupons, and those who have purchased more than 100 tickets will receive 6 discount coupons.
Korea Rural Community Corporation, improving farmland pension system… Expansion of guarantee for farmers’ retirement life
The Korea Rural Community Corporation announced on the 30th that it has expanded coverage for farmers’ retirement living by improving the farmland pension system.
The Korea Rural Community Corporation has been promoting the improvement of the farmland pension system to support farmers’ stable retirement life and contribute to the stability of farm management.
First, the age standard for signing up for the farmland pension was lowered from 65 to 60 to meet the demand of people aged 60 to 64 who need a lump sum or living funds for their children’s education and marriage even before the age of 65. By easing the pension subscription criteria for farmland with collateral, farmland owners with a high collateral ratio, who had been restricted from signing up until now, can also benefit from the farmland pension.
In addition, the debt burden of farmers was alleviated by allowing partial or full repayment of farmland pension debt once every three years, and existing contract holders were allowed to change their contract once within 3 years of signing up to switch to the product of their choice. Prevents subscribers from canceling their subscriptions to change to .
Thanks to these system improvements, the number of new subscriptions to the farmland pension last year reached 2,530, an increase of 22% (450 cases) from the previous year. The number of early cancellations decreased by 23% (261 cases) compared to the previous year, allowing more farmers to receive support for their retirement through farmland pension.
This year, the farmland pension project continued the trend of last year, with 1,138 new subscriptions as of the end of March, a 74% increase compared to the same period last year (655). The average monthly payment amount is KRW 1.34 million for new subscriptions, contributing to the preservation of income for farmers who have suffered economically due to COVID-19, increased agricultural production costs, and rising consumer prices.
In the future, the Korea Rural Community Corporation plans to continue to promote system improvements such as easing subscription criteria and product diversification so that the farmland pension can help more farmers stabilize their retirement lives.
