Common Financial Support Measures for the Public in the Banking Sector
Woori Bank announced on the 1st that it will refund approximately 170 billion KRW in interest to 210,000 small business owners and self-employed individuals who are struggling due to high interest rates and high inflation before the Lunar New Year holiday.
The Easy Refund program, conducted as a common program under the banking sector's livelihood finance support measures, refunds up to 90% of the normal interest paid exceeding 4% annually on loans up to 200 million KRW from January 1 to December 31 of last year, with a maximum refund of 3 million KRW per person.
Woori Bank will notify individuals of their interest refund amounts over two days, on the 2nd and 5th, and will carry out the Easy Refund collectively on the 6th, before the Lunar New Year holiday. The refunded interest amount will be automatically deposited into the loan interest withdrawal account previously used, without any separate application.
However, refund recipients must verify that their registered loan interest withdrawal account has no restrictions or issues preventing its use. Additionally, if there are any requests for separate application procedures, personal information, or additional loans, these should be regarded as voice phishing or other telecommunication financial fraud, so extra caution is required.
Starting with this refund, Woori Bank plans to continue the Easy Refund program until May 1, 2025. A Woori Bank official stated, “We have prepared to minimize customer confusion and inconvenience by operating a dedicated team for smooth Easy Refund processing,” and added, “The refunded interest amount is considered business income under the Income Tax Act, so there is an obligation to file comprehensive income tax returns.”
Meanwhile, Woori Bank is also swiftly implementing the ‘Banking Sector Livelihood Finance Support Autonomous Program’ and plans to establish specific execution measures by the end of March. Going forward, Woori Bank intends to accelerate livelihood finance support totaling 275.8 billion KRW targeting financially vulnerable groups such as youth, self-employed individuals, and low-income citizens.
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