[Asia Economy Reporter Kim Bo-kyung] The Ministry of Employment and Labor will provide additional Job Stability Funds to small businesses starting from the 6th.
The Ministry of Employment and Labor has prepared an additional supplementary budget for Job Stability Funds to reduce the labor cost burden on small business owners due to the spread of the novel coronavirus infection (COVID-19) and to support employment stability for low-wage workers.
With the supplementary budget of 496.4 billion KRW approved by the National Assembly last month, a total of 2.6611 trillion KRW has been secured for the Job Stability Funds budget.
Through this, businesses with fewer than 10 employees can receive an additional support of up to 70,000 KRW, and businesses with 10 or more employees can receive up to 40,000 KRW. The increased support amount will be temporarily applied for four months for work performed from February to May of this year. Support for work after June will continue as before.
The Ministry of Employment and Labor has decided to expand support for businesses that have made efforts to maintain employment through paid leave or temporary closure measures instead of employment adjustment despite difficulties caused by COVID-19.
Previously, when a business partially closed, Job Stability Funds were provided proportionally to the reduced working hours, but through system reform, support will be temporarily based on the full scheduled working hours before reduction until the end of this year.
Businesses with paid leave or (full) temporary closure, which were not previously eligible for Job Stability Funds, will be included in the support target for Job Stability Funds during the period they receive employment maintenance support funds through paid leave or temporary closure measures.
Kim Young-jung, Director of Labor Market Policy, stated, "To alleviate the difficulties of small business owners, we will prioritize the rapid execution of the Job Stability Funds, including the supplementary budget increase, to deliver the funds quickly."
More detailed information about the Job Stability Funds support targets, support levels, and application methods can be found on the Job Stability Funds website (jobfunds.or.kr). Consultations are also available at the Korea Workers' Compensation and Welfare Service (1588-0075) or the Ministry of Employment and Labor (1350) call centers.
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