South Korea expands welfare and financial support for construction workers

South Korea's Ministry of Employment and Labor is expanding financial and welfare support for construction workers. During a field report meeting at the Construction Workers Mutual Aid Association, Minister Kim Young-hoon reviewed progress on key policy tasks aimed at improving employment conditions and welfare.

Key initiatives include expanding inclusive finance through specialized loan products. The Mutual Aid Association has partnered with BNK Financial Group and labor unions to offer dedicated loan products with limits up to 35 million won and interest rates around 5%. Efforts are also underway to expand these services to major commercial banks.

To address labor shortages and an aging workforce, the government is strengthening training systems for skilled workers, particularly to meet the demands of large-scale projects like semiconductor fabs and data centers. Additionally, welfare programs are being enhanced, including improved rest facilities at construction sites, childbirth subsidies, scholarships for workers and their children, and expanded health insurance and medical checkup support.