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Loans

Loan management is whereby money is temporarily lent from the GEP fund or state coffers to government employees when a lump-sum of money is in need. There are three types of loans provided

Student loan

The student loan scheme provides interest-free loans within the actual amount of tuition for university overseas or at home. Loans can be up to US$10,000 a year in the case of overseas universities.

Pension loan

For pension loans, government employees can claim up to half the expected lump-sum benefits from their expected date of retirement. The maximum amount of pension loan a retiree can be remunerated is 30 million won.

Mediation program of the bank loan for household capital demand

To help finance the demand for loans, the GEP services have annual contracts with commercial banks. As the compensation is calculated as half of their lump-sum benefits at their expected time of retirement, government employees can receive a maximum of 50million won.