(Financial Services Commission)
(Financial Services Commission)

South Korea's financial regulator said Thursday that it plans to provide a record amount of financial support for low-income earners and those who are behind on their loan repayments.

The Financial Services Commission said it plans to set aside 10.8 trillion won ($7.41 billion) worth of financial support for such people this year, up from 10.4 trillion won set aside last year.

The regulator said it has decided to raise the amount given an economic slowdown and high interest rates.

The FSC also said a variety of support is also in store for those who are willing but unable to repay loans. Financial institutions are also advised to restructure their loans extended to low-income earners struggling with debts and reschedule their repayment plans. (Yonhap)