Support up to 70 Million KRW for All Corporate Risk Machine Replacements
4300 Units Replaced and 1500 Workplaces Improved with 320 Billion KRW Investment
[Sejong=Asia Economy Reporter Moon Chaeseok] The Korea Occupational Safety and Health Agency (KOSHA) is launching the 'Safety Investment Innovation Project' this year, which provides up to 70 million KRW in support for companies to replace hazardous machinery in order to reduce industrial accidents.
According to the agency on the 21st, about 320 billion KRW will be invested this year in collaboration with the Ministry of Employment and Labor to replace approximately 4,300 hazardous machines and equipment and support the improvement of hazardous and aging processes at around 1,500 workplaces. The support targets business owners of workplaces with fewer than 50 regular employees who are enrolled in industrial accident insurance. A KOSHA official explained, "We decided to promote this project to fundamentally secure safety by replacing structurally dangerous hazardous machines and improving aging hazardous processes, thereby reducing the risk of fatal accidents in small and medium-sized enterprises."
First, the scope of hazardous machines and equipment eligible for replacement support has been expanded from the previous 3 types to 9 types this year. Six additional types of machines and equipment subject to safety inspections, including presses, shears, and cranes that have been aged over 30 years, were added. However, the maximum support amount per company was reduced from 100 million KRW to 70 million KRW. The agency stated that this decision was made considering the average support level from last year.
For aging hazardous process improvement support, three industries were added: chemical and rubber product manufacturing, machinery and equipment, metal and non-metallic mineral product manufacturing, and wood product and other product manufacturing. These industries, which have a high risk of fatal accidents due to entrapment and falls in manufacturing (total risk score 73.6), were added to the existing 'three major processes' of casting, heat treatment, and surface treatment. The support limit for hazardous process improvement will remain at a maximum of 100 million KRW (50% of the required cost), as before.
Considering the financial capacity of small and medium-sized business owners, the project will apply support methods such as leasing, installment payments, and subsidies. For hazardous process improvements, loans for industrial accident prevention facility funds will be available. The loan support will be provided at an interest rate of 1.5%, with a 3-year grace period and a 7-year repayment term.
KOSHA plans to select support recipients sequentially each month based on selection criteria. Business owners wishing to receive support should apply through the Innovation Project website by the end of April. It is recommended that businesses seeking support this year apply as soon as possible.
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