ENGLISH

- "Living cost loan for vocational training" means a system under Article 29 (3) of the Employment Insurance Act, Article 47-2 of the Enforcement Decree of the Employment Insurance Act, and Subparagraph 2 of Article 34 (1) of the Framework Act on Employment Policy in which the unemployed and other vulnerable people can receive systematic training for a long time without any burden on their livelihoods and to lend living expenses to help them move to better jobs.

- Those who are unemployed and whose household income is 80% or less of the standard median income are entitled to a loan for living expenses for vocational training. (Subparagraph 4 of Article 9(1) of the Regulation on Living Cost Loans for Vocational Training)

- Beneficiaries under Article 7 of the National Basic Living Security Act and near-poverty groups under Article 2, subparagraph 10 of the National Basic Living Security Act are deemed to meet the qualifications of the above family income (Article 9(5) of the Regulation on Living Cost Loans for Vocational Training).

- Any of the following persons shall be excluded from the loan. (Article 9 (2) of the Regulation on Living Cost Loans for Vocational Training)

- Training for living cost loan recipient shall be at least 140 hours (a total of 140 hours for Internet remote training with less than a 7-day gap between each training course) of any of the following (Article 10(1) of the Regulation on Living Cost Loans for Vocational Training):

- Those who wish to receive a loan shall submit(electronic application) the following documents to the Korea Workers' Compensation and Welfare Service. (Former part of Article 11 of the Regulation on Living Cost Loans for Vocational Training)

- According to the joint use of administrative information under Article 36(1) of the Electronic Government Act, the Workers’ Compensation and Welfare Service shall check the applicant’s resident registration certificate, certificates verifying the applicant’s household members’ amount of income, certificate of national basic livelihood (if applicable), and certificate of lower income family (if applicable). However, if the applicant and his/her household members aged 20 or above do not agree to allow the Korea Workers’ Compensation and Welfare Service to check the above x-documents, the applicant shall attach the corresponding papers (Latter part of Article 11(1) of the Regulation on Living Cost Loans for Vocational Training).

- The monthly loan amount and the loan limit are as follows(Article 12 (1) of Regulation on Living Cost Loans for Vocational Training) :

- Nevertheless of the above, persons separately appointed by the Minister of Employment and Labor may receive higher limits of loans, including: (Article 12(2) of the Regulation on Living Cost Loans for Vocational Training).

- The repayment method shall be repaid in equal installments each month for a period of up to three years and five years, and applicants can choose the period within three years and within five years of repayment. (Article 17 of Regulation on Living Cost Loans for Vocational Training)