FROM MAY 15, A LABOR GOING TO WORK IN KOREA UNDER THE EPS PROGRAM MUST DEPOSIT VND 100 MILLION
The Decision No. 12/2020/QD-TTg on piloting deposit applicable to migrant workers to South Korea in accordance with the Employment Permit System of South Korea is issued on March 31, 2020 by the Prime Minister.
Accordingly, a worker before go to Korea under the Employment Permit System of South Korea (EPS Program) must make a deposit to ensure the performance of the contract and return home on time after the termination of the labor contract. The deposit amount is VND 100 million.
Within 35 days from the date on which the contract of sending the migrant worker to South Korea under the EPS Program is signed by the worker and the Center of Overseas Labor, such worker shall make a deposit at the local Social Policy Bank where the worker registers permanent residence. A term of deposit is 05 years and 06 months.
However, the worker who is entitled to borrow capital from the Vietnam Bank for Social Policies to work abroad and has the demand for a loan shall be lent up to VND 100 million at the Vietnam Bank for Social Policies to make a deposit without making loan guarantees.
This Decision takes effect from May 15, 2020, until the Law on Vietnamese guest workers under contract (amended) takes effect.
