Hana Bank announced Sunday that it has raised 30 billion won ($23.07 million) through a joint labor-management fund to provide energy expense support for the financially vulnerable.
The funds raised are enough to cover cash subsidies for the energy expenses of 150,000 people, including users of financial products for the working class and borrowers who are adversely affected by high interest rates.
The fund was put together with donations and proceeds from the management’s additional voluntary fundraising efforts, bringing the total to 30 billion won, the bank said.
“Our labor and management will strive for healthy coexistence and promote a financial culture centered around users. We recognize our responsibility and will work hard to overcome economic hardships,” Hana Bank President Lee Seung-ryul said.
Yoon Seok-gu, chairman of the labor union, added, “We hope that this fund raised by our devoted union members will help financially vulnerable groups stay warm this winter.”
Hana Bank also plans to implement the Interest Cash Back Hope Program starting in March, which will give back 1 percent of loans to users of the Sunshine Loan 15 in the form of Hana Money, the bank’s reward points system.
Sunshine Loan 15 is a financial product in Korea that offers funding to borrowers in the lowest credit bracket who have no choice but to subscribe to high-interest loans of 20 percent or more.
Customers currently using the product will simultaneously receive both energy expenses and 1 percent interest in cashback benefits accordingly, the bank said.
