[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Tongyeong City, Gyeongnam Province, is launching a matching incentive support program for the Yellow Umbrella Mutual Aid contributions to protect and support local small business owners.
The city is providing incentives to secure living stability funds for small business owners affected by the COVID-19 economic downturn and to expand the social safety net.
The Yellow Umbrella Hope Incentive Support Project accumulates local government support funds each time a monthly contribution is made, and pays compound interest annually, separate from the incentive, when the mutual aid benefits are received.
Contributions are paid with compound interest annually at the base interest rate, while the mutual aid contributions also guarantee income tax deduction benefits and protection of benefit rights.
The program targets small business owners in Tongyeong City with annual sales of 300 million KRW or less. Applications can be made within 30 days from the date of new enrollment, but industries such as gambling halls, dance halls, entertainment bars, karaoke bars, and massage businesses are excluded.
Applications can be submitted through the Yellow Umbrella Mutual Aid website or by visiting commercial banks or the Korea Federation of SMEs Mutual Aid Business Center.
For more details, inquiries can be made at the Yellow Umbrella Mutual Aid call center or the city hall.
A Tongyeong City official stated, “We will do our best to protect and support small business owners who face blind spots in social security policies due to the impact of COVID-19.”
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