Korea Workers' Compensation and Welfare Service-Busan City Sign MOU to Support Employment and Industrial Accident Insurance for Solo Small Business Owners

[Asia Economy Reporter Kim Bo-kyung] The Korea Workers' Compensation and Welfare Service signed a business agreement with Busan Metropolitan City on the 3rd to strengthen the social safety net through employment and industrial accident insurance enrollment for small business owners.

Under this agreement, the Service will strive to enroll small business owners in employment and industrial accident insurance, and Busan City will support one-person small business owners who have enrolled in employment and industrial accident insurance by covering 30% of the employment insurance premium and up to 50% of the industrial accident insurance premium for one year.

To receive support from Busan City, one-person small business owners must enroll in employment and industrial accident insurance with the Service and then apply online at www.busanhopecenter.or.kr.

The Service plans to actively cooperate by providing necessary information and promoting the project to ensure the smooth implementation of Busan City's insurance premium support program.

Starting with Gangwon Province in April 2018, the Service has signed business agreements with eight local governments, including Seoul City, up to last month, alleviating the burden on small business owners in the regions through insurance premium support.

A representative of the Korea Workers' Compensation and Welfare Service stated, "With Busan City implementing the small business owners' employment and industrial accident insurance premium support project, nine metropolitan local governments, accounting for 53% of the total, will participate within about two years," adding, "We plan to continuously expand business agreements with local governments."