Loans on offer to support Lao workers seeking jobs in Korea

The Ministry of Labour and Social Welfare is partnering with the BNK Microfinance Institute to provide loans for Lao workers seeking jobs in the Republic of Korea, but who cannot afford the expenses involved.
The loans will benefit low-income people seeking jobs as seasonal workers, who must pay expenses of about US$2,780 to acquire employment.
The BNK Microfinance Institute will provide the loans through the iJobs Employment Service Company Co., Ltd., so that disadvantaged workers have the necessary capital to start jobs in Korea.
The iJobs Employment Service Company Co., Ltd. operates under the auspices of the Ministry of Labour and Social Welfare. It has been authorised to hire seasonal workers for agricultural jobs in Korea, which requires a high number of workers, the ministry’s labour information centre said last week.
If a worker wants to get a loan from the company, he or she must undergo a thorough background check to assess their genuine desire to work, their sense of responsibility, and their dexterity in manual labour.
If granted a loan, a worker must repay the money owed to the BNK Microfinance Institute at the end of each month when wages are paid.
The basic salary paid to seasonal Lao workers in the Republic of Korea is US$1,700-1,800/person/month.
Director General of the ministry’s Department of Employment, Ms Anousone Khamsingsavath, said earlier that labour authorities are seeking sources of finance to assist these workers through the provision of bank loans. 
The ministry is in talks with several banks and financial institutions, hoping to approve loans for skilled Lao workers who have no savings, so they can fund a trip to Korea.
The provision of credit will enable more people to take up jobs in Korea, who must first qualify under the Employment Permit System (EPS-TOPIK), which includes skill and competency tests.
There are two ways in which Lao nationals can be assigned jobs in Korea. They may either work under the Employment Permit System for a period of 3-5 years or apply for employment as seasonal workers for a period of 3-6 months.
Under the Employment Permit System, the Ministry of Labour and Social Welfare is responsible for arranging for workers to take up jobs in Korea.
With regard to seasonal workers, the ministry has assigned the Buasavanh Employment Service Company and the iJobs Employment Service Company Co., Ltd. to process applicants, who must be in good health, aged 25-45, and have a genuine desire to work.

By Phetphoxay Sengpaseuth
 (Latest Update June 14, 2022)