Woori Bank Inks MOU with KOSME to Help Small Company Employees Make Good Chunk of Money

President Jung Jin-wan of Woori Bank. (Photo: Woori Bank)

Woori Bank announced on Sept. 17 that it signed a memorandum of understanding (MOU) with the Korea SMEs and Startups Agency (KOSME) for the Tomorrow Mutual Aid Association.

The Tomorrow Mutual Aid Association is a system where companies and employees jointly deposit a fixed amount monthly to encourage long-term employment, helping employees make a good chunk of money upon maturity.

It is regarded as a collaborative long-term employment support program involving the Korean government, employers and the financial sector.

Under this agreement, Woori Bank will provide a total of 7.2 billion won in mutual aid funds over the next five years.

Companies enrolled in the program that make regular contributions and maintain their membership will receive benefits ranging from 600,000 to 2.4 million won per company for up to 12 months.

Corporate Group Director Bae Yeon-soo of Woori Bank poses for a photo with Human Resources Development Director Cho Han-kyo of KOSME at the Tomorrow Mutual Aid Association Business Agreement at Woori Bank's headquarters in Seoul on Sept. 17. (Photo: KOSME)

By directly alleviating financial burdens on companies, Woori Bank expects this initiative to help alleviate labor shortages at SMEs and encourage young talent to stay with their employers longer.

“This agreement holds a significant meaning as the first participation by a financial institution in Korea,” a Woori Bank official stated.

“As a reliable financial partner of KOSME, Woori Bank will strengthen inclusive financial support and actively back the shared growth of SMEs and their workers.”

Industry observers assess that through this agreement, Woori Bank will expand its ESG practices beyond the provision of simple financial services, contributing to youth and SME employment stability and regional economic revitalization.

Consideration Campaign

Woori Bank announced on Sept. 16th that it will spearhead the Consideration Campaign to enable customers with disabilities, seniors, pregnant women, and those with infants to conveniently use banking services.

The campaign aims to eliminate barriers for marginalized groups, creating a friendly environment for them.

Under the campaign, customers with disabilities, seniors, pregnant women, and those with infants can rest comfortably during their waiting time at “Consideration Seats.”

Pregnant women presenting badges can use the Woori Mom Free Pass dedicated counter for priority services.

Woori Bank is also collaborating with mobile service carrier LG U+ to provide customers with content from the LG U+ Kids’ World platform for children and infants.

This allows children to watch content on tablets during waiting times, enabling their parents to conduct financial business more conveniently.

This campaign will initially be implemented at the following locations –- the Head Office, the West Yeouido Financial Center, the Suyu-dong Financial Center and the Mangpo Station Branch. Woori Bank will consider expanding this campaign to all nationwide branches by checking its effects.

“We prepared this campaign to enhance financial accessibility for diverse customers,” a Woori Bank official said. “Woori Bank will continue to expand systems and services for financial consumers.”

Mobile Homepage for Teen Allowance Management Service

Woori Bank announced on Sept. 12 that it has launched a mobile homepage for its non-face-to-face teen allowance management service “Woori Teen Teen” and added features to improve convenience for teen customers.

Previously, users had to install Woori WON Banking App to sign up for Woori Teen Teen.

With the new mobile homepage, users can now preview service information and sign up for Woori Teen Teen without installing the app.

After signing up, users can install Woori WON Banking App to immediately use the service.

Additionally, Woori Bank added the Teen Teen Transportation Service on Sept. 15 to improve transportation convenience for teens using Woori Teen Teen.

Teen Teen Transportation is a service within Woori WON Banking that allows users to recharge transportation cards and check the balances. Discount benefits applicable to children’s and youth transportation cards are automatically applied.

Notably, the Teen Teen Transportation Service enhances transportation expense management and convenience by enabling parents to send transportation funds to their children as gifts or directly recharge their children’s transportation cards from the parents’ Woori WON Banking accounts.