Welcome Savings Bank announced on the 27th that it has been selected as an exemplary company practicing a corporate culture that balances work and family life. Welcome Savings Bank is the only savings bank selected as an excellent company for work-family balance.
On the 25th, Welcome Savings Bank participated as an excellent company in the Work-Family Balance Excellent Company Performance Sharing Meeting held at the Korea Federation of SMEs in Yeouido, Seoul, hosted by the Low Fertility and Aging Society Committee. This performance sharing meeting was organized to spread family-friendly corporate culture to address low birth rates and aging population issues. About 150 people attended, including President Yoon Seok-yeol, chairman of the Low Fertility and Aging Society Committee, as well as representatives from the National Assembly, government, and business sectors.
As deposit interest rates rise in the banking sector, the balance of savings and fixed deposits is increasing. The secondary financial sector is also consecutively raising fixed deposit interest rates. The photo shows Welcome Savings Bank in Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@
As the only savings bank selected as an excellent company for work-family balance, Welcome Savings Bank introduced various in-house support systems implemented through family-friendly policies. In response to the low birth rate era, the bank actively encourages childbirth among employees by operating multi-child allowances and child allowances for employees with children. The multi-child allowance is a system that provides up to 900,000 KRW per month to employees with three or more children. The child allowance is paid monthly directly into an account under the child's name for employees’ children under the age of 18. Both the multi-child allowance and child allowance are paid concurrently to eligible recipients.
Welcome Savings Bank also operates a daycare outsourcing system. For employees with preschool children aged 0 to 5 years who are enrolled in daycare centers, the bank enters into individual outsourcing contracts with daycare centers and directly supports the daycare costs.
Welcome Savings Bank also runs a filial piety allowance system. This allowance is paid monthly into an account under the name of the parents if the employee or their spouse’s parents are aged 65 or older. Even if one of the parents passes away, the allowance amount remains the same as before.
In addition to allowances paid for children and parents, there are also parental leave and reduced working hours during childcare periods for employees. Welcome Savings Bank reported that the usage rate of parental leave among male employees, which had been relatively low, has been increasing every year, and this year, 37% of those taking parental leave are male employees.
Im Hyun-sik, Head of Management Support Division at Welcome Savings Bank, said, "True work-life balance starts with caring for not only children but the entire family," adding, "Welcome Savings Bank will continue to provide practical systems that help employees’ lives so that all employees can enjoy a stable life at work and home."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
