Don't Worry About Investing in Industrial Accident Prevention! ... Korea Occupational Safety and Health Agency Offers Up to 1 Billion KRW Facility Fund Loans per Workplace

KOSHA (Korea Occupational Safety and Health Agency).

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The Korea Occupational Safety and Health Agency (KOSHA), under the Ministry of Employment and Labor (Chairman An Jong-joo), will begin accepting applications for this year's industrial accident prevention facility loan support project to improve safety and health facilities in workplaces starting from the 9th.

The industrial accident prevention facility loan support project provides long-term, low-interest loans to workplaces for investment costs in industrial accident prevention facilities such as hazardous and dangerous machinery, equipment, or protective devices to enhance workplace safety.

Eligible applicants include workplaces subscribed to industrial accident compensation insurance, corporations established for the purpose of industrial accident prevention, or private institutions approved by the Ministry of Employment and Labor.

Priority is given to workplaces participating in safety and health management system consulting for establishing a self-regulatory prevention system or those recognized for risk assessments. The submitted risk assessment reports from workplaces are reviewed to identify safety and health facilities that need improvement, and investment costs for such facilities are supported through loans.

However, workplaces with overdue industrial accident insurance premiums, those that have received government-supported policy funds exceeding 10 billion KRW in total over the past three years, or those already decided for subsidies in the current year are excluded from eligibility.

Supported items include hazardous machinery and equipment with secured safety, as well as facilities for improving work processes and environments.

The loan fund remains the same as last year at a total of 356.3 billion KRW, and after KOSHA’s review, investment costs for facilities are supported up to a maximum limit of 1 billion KRW per workplace. The loan conditions are a fixed annual interest rate of 1.5%, with a 3-year grace period and 7-year installment repayment.

To apply, applicants must complete the application documents and submit them online, visit a local KOSHA branch office in charge of the workplace location, or send them by mail starting from January 9th.

Chairman An Jong-joo stated, “This year is an important year marking the first step in implementing the roadmap to reduce major accidents,” adding, “We will support demand-tailored loans linked to risk assessments for workplaces struggling with industrial accident prevention investments to contribute to establishing a self-regulatory prevention system and reducing fatalities.”