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Pilot program for potential customers before working in the Republic of Korea
(VBSP News) Prime Minister Nguyen Xuan Phuc has signed a decision on a piloting scheme which requires qualified candidates to make refundable deposits before departing to work in the Republic of Korea (RoK).
Vietnamese qualified candidates will be required to make a refundable deposit worth VND 100 million
Accordingly, Vietnamese qualified candidates to be working in the RoK under the Employment Permit System (EPS) program will be required to make a refundable deposit worth 100 million VND (4,239 USD) to guarantee their return to Vietnam after their job contracts expire.
The new policy forms part of measures to prevent Vietnamese migrant workers from overstaying their contracts in the RoK.
The workers must pay the deposit at the Vietnam Bank for Social Policies (VBSP) within 35 days after they sign the contract for employment in the RoK. Depositing term is 5 years 6 months.
VBSP deals with the workers in their credit contracts on loan term, principal repayment and interest rate. Lending interest rate is applied at the rate of VBSP for workers working abroad for a limited term.
Prospective workers can take out a loan of up to VND 100 million from the VBSP to make the deposit without loan security. The deposit will be refunded to the workers upon the liquidation of the contract.
The policy will be effective from May 15 this year until the revised law on Vietnamese guest workers working abroad under contracts takes effect.
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