KB Financial and Busan City Sign MOU to Support Small Business Owners' Low Birthrate Policy

▲On the 11th at Busan City Hall, (from left in order) Lee Jae-geun, President of KB Kookmin Bank, Yang Jong-hee, Chairman of KB Financial Group, Park Hyung-joon, Mayor of Busan, and Lee Sang-yoon, Head of the Sustainability Growth Headquarters at the Korea Economic Association (fourth from the left), are taking a commemorative photo after signing the 'Busan Small Business Owners Childcare Support Package Agreement.'
[Photo by KB Financial]

KB Financial Group announced on the 12th that it has signed a Memorandum of Understanding (MOU) with the Busan Korean Economic Association (HanKyungHyup) to provide a total of 3 billion KRW in support for childbirth and childcare for small business owners. The signing ceremony held at Busan City Hall was attended by Park Hyung-joon, Mayor of Busan, Yang Jong-hee, Chairman of KB Financial Group, Lee Jae-geun, CEO of KB Kookmin Bank, and Lee Sang-yoon, Head of the Sustainability Growth Division at the Korean Economic Association.

Unlike salaried workers who receive various institutional supports such as maternity leave and parental leave, small business owners may face livelihood constraints due to childbirth and childcare. In response, KB Financial is providing a total of 16 billion KRW in support nationwide with major local governments to offer a stable caregiving environment for small business owners who are in the blind spots of childbirth and childcare support. In August, KB Financial signed its first MOU with Seoul City, and following the agreement with Busan City, plans to expand nationwide.

This MOU signing is significant as it represents a collaboration between Busan City and KB Financial to promote balanced regional economic development and address the low birthrate issue.

The 'Small Business Owner Childcare Support Package Project,' jointly promoted by KB Financial, Busan City, and HanKyungHyup, includes ▲ support for substitute labor costs (hiring replacement personnel during maternity or parental leave) ▲ support for childcare services ▲ childcare support funds for small business owners without housing, with KB Financial fully funding the project. HanKyungHyup provides promotional campaigns and HR and labor consulting services.

Chairman Yang Jong-hee stated, "The low birthrate issue is an urgent situation threatening the very existence of our society," adding, "KB Financial will do its utmost to fulfill its social responsibility based on the two pillars of 'care' and 'coexistence,' striving to grow together with the people."

Meanwhile, KB Financial is working with the Ministry of Education to create a 'world without caregiving gaps' to contribute to solving the low birthrate problem. Since 2018, it has supported a total of 125 billion KRW to newly build and expand 2,265 national and public kindergartens and elementary school after-school care classrooms nationwide. KB Financial plans to open 36 'Hub-type Neulbom Centers' across the country by 2027.