Up to 80% Government Support for Employment Insurance, Up to 50% for Industrial Accident Insurance
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do announced on the 17th that it is supporting employment insurance and industrial accident insurance for one-person self-employed workers.
According to the province, employment insurance is a system that provides unemployment benefits for livelihood stabilization in case of unemployment, supports vocational skill development training costs, and helps ensure stable recovery in case of involuntary business closure.
Since 2018, Gyeongnam Province has been supporting insurance premiums to promote employment insurance enrollment for one-person self-employed workers and to reduce the premium burden on subscribers.
Support for employment insurance premiums is targeted at one-person self-employed workers without employees who are enrolled in the Korea Workers' Compensation & Welfare Service's self-employed employment insurance.
Eligible individuals receive 30% of the premium supported for three years, and if they apply for government support, additional support ranging from 20% to 50% of the premium by grade is possible, allowing up to 80% premium benefits.
Example of Industrial Accident Insurance Premium Support. [Image source=Gyeongnam Provincial Government]
Industrial accident insurance is a system that provides benefits such as medical care benefits and leave benefits to establish a foundation for stable recovery when accidents occur during work.
Since 2020, Gyeongnam Province has been supporting insurance premiums to promote enrollment in industrial accident insurance and to alleviate the premium burden on subscribers.
The support target is one-person self-employed workers without employees who are enrolled in the Korea Workers' Compensation & Welfare Service's industrial accident insurance for small and medium-sized business owners, receiving up to 50% support for three years.
Enrollment is possible in any industry, but the rates vary by industry.
According to the Korea Workers' Compensation & Welfare Service, before the province's support project started in June 2018, the number of one-person self-employed employment insurance subscribers in Gyeongnam was 767, but as of June 2022, it increased to 2,123, a 177% increase compared to before implementation.
The number of one-person self-employed industrial accident insurance subscribers in Gyeongnam was 654 in December 2019, but as of June 2022, it increased to 2,145, a 228% increase compared to before implementation.
A provincial official said, "We hope that the one-person self-employed employment and industrial accident insurance subscription support project will become widely known and serve as an opportunity for one-person self-employed workers in the province to stabilize their management and prepare for the future," adding, "We will continue to actively discover related policies to ensure that there are no blind spots in the social safety net for small business owners."
Self-employed workers can enroll in employment and industrial accident insurance through the Korea Workers' Compensation & Welfare Service, and applications for premium support can be made through the Gyeongsangnam-do website's Gyeongnam Baro Service.
For more details, check the notices on the provincial website or contact the Small Business Policy Division of the province for guidance.
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