Guide to Applying for the Small and Medium-Sized Enterprise Employee Savings Plan

This is a program where contributions jointly made by SME (mid-sized) business owners and core personnel are paid out to core personnel with long-term employment based on their membership period.This contribution is paid out in the form of performance-based bonuses.

Contribution Payment Guide

Payment Methods

• SME (mid-sized) business owners and core personnel jointly pay a minimum of 340,000 KRW per month for at least 5 years in 10,000 KRW increments.
• Payment ratio: [Core personnel : Business owner = 1 : 2 or more]
• Payment example: 100,000 KRW from core personnel + 240,000 KRW per month from the SME business owner

Automatic Transfer

• Contributions are automatically transferred on the designated day of each month (choose from the 5th, 15th, or 25th).
• Payment via automatic transfer (However, the first contribution will be withdrawn 3 business days after application approval).
• Unpaid contributions on the designated automatic transfer date will be collected via automatic transfer up to two times by the next payment date (e.g., if the contribution payment date is the 15th of each month, it will be collected via automatic transfer by the 25th of the current month and the 5th of the following month).

If the automatic transfer payment date falls on a public holiday, the payment will be processed on the next business day.

• If payment is not made within 3 attempts, the contribution for that month will be considered unpaid, and no further automatic transfer requests will be made for the unpaid amount in the following month.
• After the payment is marked as unpaid, you can apply for payment through the website. If you wish to make a separate payment, please contact the customer center (1588-6259) or your local branch office.

Banks that support automatic transfer

• Major Banks (8): KB Kookmin Bank, KEB Hana Bank, Shinhan Bank, Standard Chartered Bank (SC), Woori Bank, Hana Bank, Korea Exchange Bank, Citibank Korea
• Regional Banks (6): Gyeongnam Bank, Kwangju Bank, Daegu Bank, Busan Bank, Jeonbuk Bank, Jeju Bank
• Specialized Banks (6): Nonghyup Bank, Industrial Bank of Korea, Suhyup Bank, Saemaul Community Bank, Shinhan Bank, Post Office

(Please note that automatic transfer is not available for bank accounts that are not included in the list of banks that support automatic transfer.)

A product where SME employees save up to 500,000 KRW per month, with the SME contributing 20% of the employee's contribution, and the full amount being paid out to the employee at maturity.

Product Structure

• Employee contribution + preferential bank interest rate + corporate support (20% of employee contribution) + government tax benefits (expense deduction, income tax reduction)
• The government provides tax benefits for corporate contributions, such as income tax reduction and expense deduction (same as the tax benefits for the "Tomorrow Together Contribution").
• Eligible SME employees (mid-sized and large companies are excluded).

Subscription Amount

• Employee: 100,000 KRW to 500,000 KRW per month (10,000 KRW increments)
• Company: 20,000 KRW to 100,000 KRW per month (1,000 KRW increments, 20% of employee contribution)
• Product type: 5-year plan

Preferential Savings Contribution Interest Rate for SME Employees

• Contribution Management Entity: Employee contributions are managed by banks (KEB Hana Bank, IBK), and corporate contributions are managed by the Small and Medium Business Administration.
• Corporate contributions apply the weighted average interest rate of financial institutions announced by the Bank of Korea (3.03%, as of 24.4Q).
• Preferential interest rate applied to employee contributions (as of 24.4Q).
• Base interest rate: Bank of Korea base rate (currently 3.5%) - deduction rate (0.5%) applied, fluctuating each quarter.
• Preferential interest rate: Interest rate that can be received depending on bank transactions such as salary and card (varies depending on KEB Hana Bank and IBK items).

Subscriber Benefits

SME

• Government: Full expense deduction for company contributions and application of research and development tax credits.

• (IBK): Preferential interest rates on loans used by SMEs, support for SME fees, provision of consulting services to subscribing companies, etc. (KEB Hana Bank)

Employee

• Government: 50% (90% for young workers) income tax reduction benefit on corporate support at maturity.
• Preferential financial service fees, preferential exchange rates for major currencies, provision of group insurance for subscribers, etc. (KEB Hana Bank)

For more details and for those who wish to subscribe, please check the website below~

It is said that welfare services are also provided to subscribers of the Tomorrow Together Contribution.