Financial support for guest workers in South Korea
VGP – An individual who wishes to go to work in South Korea under labor contract shall be entitled to acquire a loan of up to VND 100 million (US$4.258) to make deposit, according to a Government's recent decision.
To get this kind of financial support, an individual shall have to meet the following conditions:
- He/she is entitled to borrow capital from the Viet Nam Bank of Social Policy (VBSP) for the purpose of going to work abroad.
- He/she has signed a contract with the Center of Overseas Labor to work in South Korea under the Employment Permit System (EPS).
Under the current regulations, Vietnamese guest workers heading to work in South Korea under the EPS program are required to make pre-departure deposit of VND100 million to guarantee their return to Viet Nam after their labor contracts expire.
The workers must pay the deposit at the VBSP within 35 days of signing a contract for employment in South Korea.
The deposit will be refunded to the workers upon the end of the contract.
The workers will lose the deposit if they flee from their workplace or try to illegally stay in South Korea after their contracts end or their duration of stay is expired./.
