Construction Workers Mutual Aid Association signs inclusive finance pact with BNK

The Construction Workers Mutual Aid Association signed an inclusive finance agreement with BNK Financial Group and two major labor unions on Wednesday to expand access to customized credit loans for construction workers.

Finalized at Busan Bank headquarters, the pact involves the Korean Confederation of Trade Unions Construction Industry Union and the Construction Industry Federation of Korea working to improve living stability for financially vulnerable workers. The collaboration is part of the current administration's national agenda to strengthen inclusive finance for low-income and vulnerable groups, ensuring all citizens can access necessary financial services regardless of income or credit level.

Busan Bank and Kyongnam Bank plan to launch dedicated low-interest credit loans for construction workers. The mutual aid association will provide accumulated contribution records for loan screenings, while the labor unions will handle publicity to ensure members nationwide are aware of the new support systems. The collaboration also includes initiatives to reduce debts for workers who have suffered industrial accidents.

"Financial services have felt like a high wall to construction workers until now, but this agreement is a promise to lower that barrier and open a new path for inclusive finance," Jang Geon, chairman of the Construction Workers Mutual Aid Association, said. "We will continue to support construction workers so they can stand confidently at the center of the financial system rather than remaining on the periphery."