Noran Usan Gongje, Promoting Transformation into a 'Comprehensive Platform for Small Business Owners'

Yellow Umbrella Mutual Aid character image.

The Korea Federation of Small and Medium Business (Kbiz) announced on the 1st that it held the '4th 2023 Small Business and Self-Employed Mutual Aid Operating Committee' at the Kbiz headquarters in Yeouido, Seoul.

At the operating committee held that day, the '2024 Small Business and Self-Employed Mutual Aid Operation Plan,' which includes key contents such as ▲building a robust social safety net ▲strengthening customer-centered services ▲expanding welfare service infrastructure ▲establishing a mid- to long-term asset management portfolio and infrastructure, as well as the '2024 Asset Management Guidelines Establishment Plan' to enhance transparency in asset management, were approved.

The operation plan includes important institutional improvements and development measures such as expanding mutual aid items, developing indicators for social safety net contribution, and expanding welfare services. Kbiz views next year as a major turning point for the Yellow Umbrella Mutual Aid system.

Gwak Beom-guk, head of the Mutual Aid Business Division at Kbiz, stated, "In a situation where business conditions are deteriorating due to economic recession caused by interest rate hikes, the Yellow Umbrella Mutual Aid will be established as a reliable social safety net for small businesses and the self-employed. We plan to faithfully implement next year's business plan focusing on the Yellow Umbrella development measures announced last July, including expanding mutual aid items, introducing a mid-term settlement system, and expanding welfare services."

Meanwhile, since its launch in 2007, the Small Business and Self-Employed Mutual Aid (Yellow Umbrella) has reached 1.72 million registered members and 25 trillion KRW in contributions as of the end of October this year. So far, it has supported the livelihood stabilization and business recovery of small businesses and the self-employed by paying mutual aid funds of 6.5 trillion KRW to about 700,000 people.