50 'Seoul-type Small Giants' Selected as Youth-Friendly Employers... Promoting Work-Life Balance Culture

Starting from the 7th, Seoul-type Small Giant Company Applications Open... Up to 45 Million KRW Support for Companies Hiring Youth → Support for Improving In-house Welfare and Employee Self-development Expenses

[Asia Economy Reporter Lim Cheol-young] On the 7th, the Seoul Metropolitan Government announced that it will select 50 companies as 'Seoul-type Small Giants with Work-Life Balance' to simultaneously address the worsening management of small and medium-sized enterprises (SMEs) struggling due to COVID-19 and youth unemployment, and to spread a work-life balance corporate culture preferred by young people.

Seoul will provide up to 45 million KRW in 'Work Environment Improvement Funds' to the selected Seoul-type Small Giants when hiring regular employees who are young residents of Seoul, to be used for welfare improvements. The funds can be used for welfare expenses such as rest and convenience facilities, installation and improvement of childcare facilities, marriage and childbirth congratulatory money, and self-development expenses. In addition, the funds can also be used for quarantine costs due to COVID-19, 'organizational adaptation training' for new employees, and 'horizontal organizational culture workshops.'

Furthermore, the monthly labor cost of 2.35 million KRW for young interns replacing employees on parental leave will be supported for up to 23 months to eliminate work gaps and help employees take parental leave and return to work with peace of mind. The young interns replacing parental leave employees can be connected by the Seoul Metropolitan Government or directly selected by the company. The pre-tax wages of the interns will be fully supported at the Seoul-type living wage level, including the employer's contribution to the four major social insurances, and additional incentives will be provided upon later conversion to regular employment.

Starting this year, education and consulting will be provided to selected companies to spread a work-life balance organizational culture, supporting the creation of a corporate culture where young employees and companies can grow together. For new Small Giants, a survey diagnosing the company's work-life balance level will be conducted in advance, and based on this, consultants will visit to provide customized consulting according to the level.

In addition, a Seoul-type Small Giants exploration program tailored for job-seeking youth and a dedicated recruitment operation linked with the private employment portal (JobKorea) will help promote Small Giants more to young people.

Eligibility requires companies certified by public institutions, and the final selected companies will be announced in September after carefully evaluating job quality and corporate capabilities such as ▲increase rate of regular employees ▲sales and operating profit ▲regular employee ratio and wage level ▲welfare level ▲operation of work-life balance systems.

Shin Dae-hyun, Director of the Seoul Metropolitan Government's Job Policy Division, said, “As the management of companies worsens due to COVID-19, raising the employment threshold for young people, we will support the selection of Small Giants and their stable growth so that the Seoul-type Small Giants support project can lead to sustainable youth job creation.”