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New policy: Vietnamese labor to S.Korea asked to provide a guarantee of $4,252

07:22 | 30/04/2020

The Prime Minister signed Decision No. 12/2020/QD-TTg on piloting the deposit for workers working in Korea under the Korean Employment Permit Program for Foreign Workers (EPS).

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new policy vietnamese labor to skorea asked to provide a guarantee of 4252
(Photo: Vietnam Law)

Accordingly, employees before going to work in Korea under the EPS Program must pay a deposit to ensure compliance with the contract, and return home on time after the termination of the labor contract.

Deposit amount is 100 million VND (US$4252). Deposit term is 05 years 06 months.

Within 35 working days from the date of signing the contract of sending workers to work in Korea under the EPS Program with the Foreign Labor Center, the employee must make a deposit at the Social Policy Bank in the locality.

The employees who are entitled to borrow capital at the Social Policy Bank can make a loan of VND 100 million to deposit without having to guarantee the loan.

Loan term, repayment of principal and loan interest rate shall be agreed upon by the employee with the Bank.

new policy vietnamese labor to skorea asked to provide a guarantee of 4252
(Photo: Nghe An Public Security)

Vietnam Bank for Social Policies agrees with employees in the credit contract on the loan term, repayment of principal and interest of the loan.

The lending interest rate is applied at the interest rate applicable to Vietnam Bank for Social Policies for laborers working abroad under contracts, according to VGP News.

In addition, the Decision stated that the deposit (both principal and interest) will be refunded in the following cases:

- Workers do not go to work in Korea after making deposits;

- The employee returns home on time after the termination of the labor contract;

- Workers who convert a lawful residence visa in Korea;

- The employee is killed or missing during the working period of the contract.

The employee is entitled to get back his deposit after liquidating the Contract of sending workers to work abroad with the Foreign Labor Center as prescribed.

Deposits after being transferred to the provincial state budget shall be managed and used in accordance with the state budget law to support employment policies.

The decision was issued on March 31, 2020 and takes effect from May 15, 2020, according to Vietnam Law.

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