Photo for illustration (Source: haiquanonline.com.vn)
Accordingly, beneficiaries of the loan are workers working under the Employment Permit System (EPS) for foreign workers in RoK and the labour contract expiration after February 1, 2020, but who cannot leave RoK due to the impact of the COVID-19 pandemic.
The workers have an amount of money from contract expiration insurance, which is accumulated at Samsung Insurance Company under the EPS program.
The loan is up to 50% of the amount of the accumulated contract expiration insurance. The loan interest rate is 1.5%/year, from the date of expiration of the labour contract to the expected date of leaving RoK to return home.
In case the loan contract expires but the worker can’t pay the loan, this amount will be automatically deducted from the amount of the accumulated insurance.
When returning to Vietnam, the workers will only receive the remaining amount after paying the loan and its interest. Workers can repay their loan to Samsung Insurance Company at any time prior to the due date without any prepayment fees.
Employees wishing to borrow money should submit profile, loan application form of Sam Sung Insurance Company, copy of bank account book, notice of residence extension issued by the Korean Ministry of Justice, and passport or foreigner identification card.
In addition, employees can contact Samsung Insurance Company's call center: 1600-0266 for instructions.
According to regulations of the EPS program, workers going to RoK, upon returning home, will receive two insurance amounts. One is the exit expiration insurance, workers who work for full 1 year as required will receive an insurance amount equivalent to one month's basic salary of 1.7 million KRW.
The other is repatriation insurance, which is equivalent to an airline ticket to return home and will receive these amounts at the airport or doing procedures to receive them in Vietnam./.