[Asia Economy Reporter Kim Bo-kyung] The Korea Federation of SMEs announced on the 3rd that it is actively guiding subscribers who have not claimed their Yellow Umbrella mutual aid funds to do so.
The Federation of SMEs directly verifies the closure status of Yellow Umbrella subscribers every month and encourages small businesses and small merchants who have qualifying reasons to receive the mutual aid funds.
For those who have closed their businesses but have not applied for the mutual aid funds, the Federation regularly sends notices via mail, text messages, and emails, and also provides telephone consultations through a dedicated call center.
Since the launch of Yellow Umbrella in 2007, the Federation has paid a total of 2.8949 trillion KRW in closure mutual aid funds to 388,829 people as of the end of last year.
Yellow Umbrella subscribers can easily receive mutual aid funds by visiting the Federation of SMEs or the bank where they subscribed with their ID and a closure certificate issued by the tax office when a qualifying event such as business closure, death, retirement, or old age occurs. They can also claim funds through the Yellow Umbrella website and mobile app.
Additionally, if a subscriber has closed their business but started a new one, they can maintain their existing Yellow Umbrella contract through a 'cumulative application' within 1 year and 6 months after closure.
Meanwhile, Yellow Umbrella subscribers can receive mutual aid funds with compound interest applied when qualifying events occur. The funds are protected by law from seizure or collateral, allowing them to be used as funds for livelihood stability and business recovery.
For more details on applying for mutual aid funds, visit the Yellow Umbrella website or contact the customer center.
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