South Korea's Financial Services Commission (FSC) has signed a cooperation agreement with the Ministry of Employment and Labor, the Financial Supervisory Service and financial and labor organizations to improve financial access for construction workers, platform workers and freelancers. The agreement addresses difficulties these groups face in credit assessments and loan applications because of irregular incomes and varied employment arrangements. It aligns with the FSC's January priorities of widening financial access and supporting vulnerable debtors.
Participating institutions will explore using work activity records and retirement mutual aid contribution histories as nonfinancial inputs to credit assessments and loan reviews. Cooperation will also strengthen links between lenders' own debt workouts and other debt adjustment programs, alongside financial counseling and education. Labor organizations will communicate workers' financing needs and difficulties to help identify improvements to support arrangements.
Tailored financial products reflecting workers' income and employment patterns, and using work history information held by participating labor welfare institutions, are planned for launch in 2027. Authorities also plan to develop measures for alternative personal credit assessment by the end of 2026, incorporating work histories and similar alternative data as positive credit factors.