Post Office Savings Launches Dedicated Account for 'Job-Seeking Allowance' Exempt from Seizure

[Asia Economy Reporter Kim Bong-su] The Korea Post under the Ministry of Science and ICT launched the "Post Office Employment Achievement Account," a dedicated seizure protection account that safeguards job-seeker promotion allowances from seizure to ensure minimum livelihood stability, in accordance with the Job-Seeker Promotion Act on the 22nd.

The "Post Office Employment Achievement Account" allows deposits only for job-seeker promotion allowances provided by the Ministry of Employment and Labor to vulnerable employment groups, and prohibits all types of seizure on the deposits to support the beneficiaries' livelihood stability. Eligibility is limited to those entitled to receive the job-seeker promotion allowance who wish to enroll, with one account per person as a principle. The applied interest rate is a basic rate of 0.1% per annum, with a preferential interest rate of up to 0.2%p per annum depending on the interest payment period and other factors.

Additionally, subscribers are offered benefits such as exemption from electronic financial transfer fees to other banks, withdrawal fees outside business hours at Post Office automated machines, and transfer fees to other banks (up to 10 times per month).

Customers wishing to open an Employment Achievement Account should visit the nearest post office with their ID and the "Notice of Eligibility for Benefits" issued by the Ministry of Employment and Labor to open the account.

Park Jong-seok, head of the Korea Post, stated, "As a state-owned financial institution, Korea Post is taking the lead in fulfilling its public role," adding, "Through the Post Office Employment Achievement Account, we hope to protect the job-seeker promotion allowance rights of vulnerable employment groups who have been in the blind spots of the existing employment safety net and to ensure minimum livelihood stability."

For more details, please check at any post office nationwide, the Korea Post Savings Customer Center, or the Korea Post Savings website.