A lot of new policies will be implemented this year. Mortgage loans will be harder to get… while financial services will be easier to access. With more on the changes to this year’s financial policies...
Lee Hee-jung joins me in the studio.

From May this year, a tighter mortgage loan screening system will be implemented.

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Tighter criteria for new mortgage loans

The new screening process will require potential borrowers to submit income statements issued by the National Tax Service or the National Pension Service… and once the loan has been granted, borrowers will be obligated to make principal repayments in addition to the interest instead of taking out an interest only loan.

INTERVIEW
Shin Jong-hoon / Nonghyup Bank
When taking out mortgage loans for the first time, borrowers will be required to submit income statements. Knowing exactly how much they are earning will keep us from lending out too much.
<인터뷰 : 신종훈/NH농협은행 영업본부 과장>
"신규로 주택담보대출을 취급할 경우에 대출 신청자의 정확한 소득을 하기로 해서 소득 대비 과다한 대출을 받지 않도록 하는 방향으로 진행하고 있습니다."

From March this year, people will be able to manage pensions, installment savings and funds… all in one account. The Individual Savings Account is expected to make it easier to access each of the financial services.

Up until now, in order to change one’s address, for example, you had to manually type in the new address at each financial company’s website but with the introduction of the Individual Savings Account, once you make changes to one company’s site, the rest will automatically be updated.

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Automatic address changes

And from the second half of 2016, an Internet-based bank will be up and running, which will allow users to set up accounts with smartphone applications and even borrow money online.

Meanwhile, paid paternity leave for fathers will be extended from one to three months, meaning the pay will go up three-fold from 1.5 million won to 4.5 million won.

[camera]
Moon Ho-seong

[reporter]
Lee Hee-jung

And from June this year, mobile phone users will receive notifications when their free calls or free text messaging quota has run out in addition to data usage notifications.

The minimum hourly wage will also be increased 8.1 percent to 6,030 won.

(no closing)