Government Selects 'Work-Life Balance Excellent Companies'... Benefits Including Preferential Interest Rates

Ultra-Low Birthrate Crisis... Flexible Work and Balancing Work-Childcare Essential
Spread of Model Company Cases... Various Benefits for Outstanding Companies

The government is set to select outstanding companies in work-life balance in the Republic of Korea.

The Ministry of SMEs and Startups, Ministry of Employment and Labor, Ministry of Trade, Industry and Energy, Korea Employers Federation, Korea Chamber of Commerce and Industry, and Korea Federation of SMEs announced on the 17th their plan to select 'Outstanding Companies in Work-Life Balance in the Republic of Korea' and provide exceptional benefits this year.

As part of efforts to strengthen responses to the rapidly declining birthrate issue, plans are underway to elevate the Low Birthrate and Aging Society Committee to a formal government department. The photo shows office workers commuting near the Government Seoul Office Building on the 10th. Photo by Jo Yongjun jun21@

The selection of outstanding companies in work-life balance aims to identify exemplary companies and promote their practices to others, as flexible working hours and balancing work and childcare have emerged as critical tasks amid the low birthrate crisis.

Outstanding companies in work-life balance will be evaluated using quantitative and qualitative indicators such as utilization of flexible working hours, reduction of working hours, use of leave, balancing work and childcare, and other working methods and cultures, selecting approximately 100 companies with excellent performance.

Since 2019, the Ministry of Employment and Labor has selected 'Excellent Companies in Work Innovation' targeting small and medium-sized enterprises and mid-sized companies, but this has now been expanded and reorganized into outstanding companies in work-life balance, extending the selection to large companies as well. Furthermore, the selection process, previously conducted solely by the Ministry of Employment and Labor, will now be carried out jointly by related ministries and economic organizations, significantly expanding the benefits.

Selected outstanding companies will receive various benefits including exemption from regular labor inspections, deferral of customs investigations, preferential interest rates, as well as preferential treatment in technology guarantees and credit guarantees, immigration benefits, and preferential access to SME policy funds. Additionally, tax benefits through amendments to the Equal Employment Opportunity Act and the Restriction of Special Taxation Act are planned.

Applicant companies must have been in operation for more than two years from the start date of business and must have no disqualifications such as wage arrears or public disclosure related to industrial safety. Companies previously selected as excellent companies in work innovation may also apply, but public institutions and public enterprises are excluded.

The application period is from July 17 to August 30. Applications will undergo document screening (September), on-site inspection (October), and final evaluation (November) to select outstanding companies. Certificates (plaques) will be awarded at a joint conference of related ministries and economic organizations in November, and various benefits will be provided for a validity period of three years.

Lee Dae-hee, Director of the SME Policy Office at the Ministry of SMEs and Startups, stated, “In the era of low birthrate and aging population, work-life balance has become an important factor in SME management,” and added, “We hope many SMEs participate so that work-life management culture can spread and take root.”