Industrial Bank of Korea announced Monday the launch of its "IBK Childcare Support" service, aimed at helping small and medium-sized enterprise workers and small business owners balance work and family life while easing the childcare burden on vulnerable households.
The service covers out-of-pocket costs incurred when using the government-subsidized childcare program, providing up to 1.5 million won ($1,010) per household for eligible SME employees and small business owners.
To qualify, applicants must be SME employees or self-employed small business owners who used the government childcare service during the first half of this year and can provide documentation showing they incurred out-of-pocket expenses.
The bank will give priority to unmarried single-parent households — who must manage both their livelihood and childcare alone — as well as employees at companies certified as family-friendly, with the aim of reaching vulnerable families that fall through the gaps in existing childcare support.
In the second half of this year, the bank plans to establish a Productive Inclusive Finance Division to maximize its policy finance capabilities and expand financial support for small and medium-sized enterprises.
"We will continue to fulfill our responsibilities as a state-owned bank in creating a stable childcare environment where work and family life can coexist," President Jang Min-yeong said.
Industrial Bank of Korea earlier launched its "AI Great Transformation Leap Loan" to accelerate AI technology development and system adoption among domestic small, medium and mid-sized enterprises. The loan targets companies pursuing technological innovation and AI transformation, offering up to 3 billion won per company in operating and facility funds, along with an interest rate reduction of up to 1.5 percentage points. The program will be supplied with a total cap of 500 billion won.
hyuk@heraldcorp.com
