Up to 15 Million KRW Support for 4 Major Insurance Fees... Full-Scale Launch of 'Busan Hope Employment Retention Support Project'

Signing of 'Employment Retention Win-Win Agreement' · Employment Retention and Expansion for One Year, Support

April 12 to May 7, Applications Accepted on Busan Employers Federation Website

Busan City is set to actively promote the ‘2023 Busan Hope Employment Retention Support Project’ to support worker employment and stabilize the management of small and medium-sized enterprises (SMEs).

2023 Busan Hope Employment Retention Support Project Promotional Poster.

Started in 2021 and now in its third year, this project supports regional SMEs that have signed an ‘Employment Retention Win-Win Agreement’ by providing subsidies for the employer’s share of the four major social insurance premiums if they maintain or expand employment for one year as of January 1, 2023. Up to last year, a total of 667 companies and 10,712 employees have benefited from this employment retention support.

For manufacturing industries, support is provided up to 300,000 KRW per employee for up to 50 employees, while for non-manufacturing industries, support is available for SMEs located in industrial complexes (excluding real estate and restaurant businesses) for up to 30 employees. In addition to the subsidies, consulting services related to major accident prevention and labor law advice necessary for business operations are also provided.

However, the final support amount per employee may be adjusted depending on the application scale and budget conditions and will be determined through a review process.

The city will verify the employment retention status of participating companies monthly and distribute the subsidies twice a year (in June and December). Participating companies that violate the employment retention agreement will lose their eligibility to participate in the project and must return the received funds.

Detailed information about the project will be available in the project announcement posted on the Busan Employers Federation website on April 10, and applications will be accepted starting April 12. However, employees who receive support through the Ministry of Employment and Labor’s Durunuri Project (four major social insurance support project) are not eligible for duplicate support.

Shin Chang-ho, Director of the Digital Economy Innovation Office of Busan City, stated, “In the midst of domestic and international economic crises, where SMEs are facing increasing difficulties, we hope this project will provide some help in stabilizing employment for workers and management for companies.”