Agreement Signed for Regional Industry Development and Youth Job Creation
From the left, Kim Byung-kyu, Vice Governor for Economic Affairs, and Woo Young-hwan, Head of Corporate Support Division at the Korea SMEs and Startups Agency.
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] On the 12th, Gyeongsangnam-do signed an agreement with the Small and Medium Business Venture Promotion Corporation to foster local industries in Gyeongnam and create jobs for youth.
About 10 officials from each organization attended the signing ceremony, including Kim Byung-kyu, Deputy Governor for Economic Affairs, and Woo Young-hwan, Head of Corporate Support at the Small and Medium Business Venture Promotion Corporation.
The two organizations agreed to ▲ support the Tomorrow Filling Deduction fund for youth employees working at small and medium venture companies engaged in key local industries ▲ support co-growth projects and policy linkage for fostering and creating an ecosystem for key industries and youth job creation ▲ collaborate to discover excellent companies in key industrial sectors within the province and develop new projects related to youth recruitment.
A provincial official explained, “The Tomorrow Filling Deduction operates in a way that the employee, the large original contractor, and the subcontracting partner company jointly contribute to the deduction fund, with Gyeongsangnam-do additionally depositing and supporting it. It is meaningful as it is the first case of cooperation among local governments, the Small and Medium Business Venture Promotion Corporation, large corporations, and small businesses.”
The province announced that, in order to reduce the frequent turnover rate of small and medium enterprises in the province and encourage long-term employment, it will expand the target age for the project from 34 to 39 years old and extend the project period from 3 to 5 years, separately from the Gyeongnam Win-Win Deduction.
The support target is youth aged 18 or older but under 39 who have been working for large company partners in each industry for 5 years.
Through this agreement, Gyeongsangnam-do will recruit and select support targets and pay the deduction funds, while the Small and Medium Business Venture Promotion Corporation will support subscription to the Tomorrow Filling Deduction, manage operations, and provide policy project linkage support.
While expanding the signing of agreements to foster local industries, the province will also prepare activation measures such as increasing corporate participation rates and linking policy projects to maintain long-term employment of recruited youth.
The province plans to sign a business agreement with Korea Aerospace Industries, an aviation company in Sacheon, on the 20th to expand this project to large corporations.
Starting with this, the province intends to expand by industry sectors such as defense, nuclear power, automobile, and shipbuilding to promote co-growth through collaboration, youth job creation, and policy project linkage.
Deputy Governor Kim said, “This is a meaningful occasion where we joined hands and combined efforts to foster Gyeongnam’s local industries and expand youth employment. We will reduce the gap between large and small companies to create an environment where youth and companies can coexist and create jobs to revitalize the regional economy.”
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