IBK Industrial Bank to Provide 1.5 Million Won in Child Care Support for SME Employees and Small Business Owners

IBK Industrial Bank of Korea will provide financial support for child care service costs to alleviate the childcare burden for employees of small and medium-sized enterprises (SMEs) and small business owners.

On July 20, IBK Industrial Bank of Korea announced the launch of the “IBK Child Care Support” program, which aims to promote work–life balance and reduce the childcare burden among vulnerable groups. The IBK Child Care Support program will cover up to 1.5 million won of out-of-pocket expenses per household for SME employees and small business owner families who utilize the government’s “Child Care Service.” Eligible recipients are SME employees and individual business owners with a small business confirmation certificate who incurred out-of-pocket expenses after using the government’s child care service during the first half of this year.

The bank will give priority support to single-parent families who must shoulder their livelihood and childcare alone, as well as employees of companies certified as family-friendly. Through this, IBK plans to focus assistance on vulnerable households that are otherwise left outside the scope of support. Applications can be submitted on the IBK Happy Sharing Foundation website until July 24. IBK President Jang Minyoung said, “We hope this service will provide practical help to SME employees and small business households struggling with child rearing,” adding, “We will continue to fulfill our responsibilities as a state-run bank to create a stable care environment where work and family can coexist.”

This content was produced with the assistance of AI translation services.