Hana introduces benefits for families with multiple children

A promotional image of Hana Financial Group's campaign to tackle low birth and aging population / Courtesy of Hana Financial Group

By Yi Whan-woo

Hana Financial Group said Tuesday it will introduce a range of financial benefits for families with two or more children as part of efforts to join the country's campaign against low birth rates and aging population.

The banking group said the benefits will be offered by Hana Bank, Hana Card and Hana Securities, with the goal of forming a “favorable environment for marriage and childbirth.”

“We hope our customers find our support helpful as they both work and raise children while making investments for their future after retirement,” the company said.

Hana Bank plans to introduce an installment savings program with a maturity of one year for parents with two children or more.

The program will be available this month, offering an annual interest rate of up to 8 percent.

The bank also plans to cut interest rates for borrowers who have homes with floors of 85 square meters or less and also have two or more children aged 19 or under.

The interest rates will be reduced by 0.2 percentage points a year for borrowers with two children and by 0.4 percentage points a year for those with three or more children.

Hana Card will release a new credit card that will offer discounts up to 10 percent on spending at hospitals, pharmacies, for travel or for leisure.

“The card is aimed at lessening the financial and psychological burden for those who struggle with infertility,” the banking group said.

Hana Securities will donate a portion of the profits raised through its 34 funds related to environmental, social, and corporate governance (ESG) activities, which will be spent to tackle the low birthrate.