A work agreement was signed on 11th to reflect construction workers and platform freelancers' work and employment experience in the financial assessment. The Employment Department, the Financial Commission, the Financial Supervisory Board, etc. are planning to launch customized financial products that will be used during 2027.
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Relationship agencies agreed to make proposals to reflect this information as a positive factor in credit assessments and loan surveys, supplementing the fact that financial companies had difficulty judging repayability on the basis of existing financial information for workers with unstable incomes or different forms of employment.
However, this agreement is the starting point for the assessment proposal and cooperation for the development of products.It does not guarantee the approval of loans or the reduction of interest rates, and the actual conditions of use are determined according to the launch of products and the criteria of the financial company's assessment.
The agreement included the Association of Banks and the South Korean Credit Information Board, the Construction Workplace Companies Association, the Employment and Employment Association, Labour and Employment Organizations, etc. Participating institutions agreed to explore financial goods and services suitable for their characteristics, and to support debt adjustment links, financial and financial consultation, and financial education.
The Minister of Employment and Labour, Kim Yong-hoon, said: “The way we work is different, so we should not change the opportunities for financial use.”The Finance Commissioner, Yong-hoon, mentioned a proposal for financial companies to use the relevant information in the examination of loans so that their work experience and skills can be recognised as credit.
The proposal for the promotion of personal alternative credit assessment that reflects the history of labor and labour supply will be prepared annually.The relevant agency plans to develop a customized financial product that uses labor history information and will be issued during 2027.