Hana Financial Group recently hosted a ceremony with the Korean Ministry of SMEs and Startups to celebrate surpassing 10,000 holders of its savings accounts tailored for small and medium-sized enterprise workers.

Late last month, Hana Bank launched a savings program in collaboration with the ministry to support the growth of SMEs by helping their employees build a nest egg and encouraging longer tenures with their companies.

Employees who deposit at least 100,000 won ($71.6) per month can receive an additional 20 percent contribution from their employers. This not only boosts employees’ savings but also benefits SMEs by offering a tax deduction.

The bank provides an annual interest rate of up to 5 percent, with a 3 percent base rate and an optional 2 percent prime rate. Initial deposits range from 100,000 won to 500,000 won for the five-year savings account.

More than 10,000 SME workers opened the new accounts within a month of the launch.

During the ceremony, Oh Young-ju, minister of SMEs and startups, expressed gratitude for their active participation. "With so many people joining the program, I feel a strong sense of responsibility. We will be ramping up efforts to address recruiting issues at SMEs," said Oh.

Hana Bank CEO Lee Seung-lyul added, "We hope to serve as a companion who can alleviate their difficulties and enhance their competitive edge. We will continue expanding preferred savings options for Korean SMEs."