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Silver Loans for the Silver-Haired: Low Interest Loans for Pensioners a Big Success

Silver Loans for the Silver-Haired: Low Interest Loans for Pensioners a Big Success

SEOUL, Jun. 23 (Korea Bizwire) — The National Pension Service’s low interest loan packages dubbed “Silver Loans” are a big hit among its target demographic of pensioners who are 60 and above. Launched in May of 2012, the Silver Loan (officially titled “Rapid Loans for the Elderly Program”) initiative is still going strong with numerous [...]

Electric Vehicles Expected to Have Lower Insurance Rates in South Korea

Electric Vehicles Expected to Have Lower Insurance Rates in South Korea

SEOUL, June 7 (Korea Bizwire) – With the Korea Insurance Development Institute due to reveal its reference net premium rates for electric cars by the end of June, industry watchers are speculating that premiums for EVs will be some 10 percent lower than gasoline or diesel-powered vehicles.  The reference premium rate will be based on [...]

Seoul Stocks End Higher Despite Foreign Selling

Seoul Stocks End Higher Despite Foreign Selling

SEOUL, May 31 (Korea Bizwire) – South Korean stocks closed higher on Wednesday to snap a two-day losing streak as institutional buyers scooped up medical and telecoms shares offsetting a massive selling spree by foreigners following overnight Wall Street losses, analysts said. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock [...]

Citibank to Convert Most Non-regular Workers into Regular Staff

Citibank to Convert Most Non-regular Workers into Regular Staff

SEOUL, May 18 (Korea Bizwire) – Citibank Korea, the local unit of U.S. banking giant Citigroup, said Wednesday that it will convert almost all nonregular workers on its payroll into regular employees by the end of this year. Citibank Korea said the beneficiaries include about 300 tellers and other workers with low wages, which account for 8.5 percent of its total staff. Bank CEO Park Jin-hei said the agenda to change [...]

S. Korea Imposes Levy on Financial Firms over Foreign Borrowing

S. Korea Imposes Levy on Financial Firms over Foreign Borrowing

SEOUL, May 12 (Korea Bizwire) — South Korea has imposed a levy on financial firms’ non-deposit foreign borrowing to ease volatility in capital flows, the central banks said Thursday. The Bank of Korea said 66 financial companies, including 17 local banks and 34 branches of foreign lenders, are required to pay 0.1 percent of their [...]

Over 200,000 Foreign Residents Take out Life Insurance Policies: Data

Over 200,000 Foreign Residents Take out Life Insurance Policies: Data

SEOUL, May 10 (Korea Bizwire) — The number of foreign residents who took out life insurance policies here topped 200,000 in 2015, with their subscriptions rising at an annual rate of 16 percent over the past five years, industry data showed Sunday. According to the data compiled by the Korea Insurance Development Institute, a total [...]