Full Support for Outstanding Youth Job Companies... Ministry of SMEs and Startups and Ministry of Employment Join Hands

Selected as '(Provisional) Cheongnyeon Iljari Gangso Company' for Support
Providing Benefits Such as Exclusion from Regular Tax Audits

The government will provide full support to outstanding companies offering jobs for young people.

Minister Oh Young-joo of the Ministry of SMEs and Startups. Photo by Kang Jin-hyung aymsdream@

The Ministry of SMEs and Startups announced on the 12th that it will select and support "(tentative name) Youth Job Strong Small and Medium Enterprises (SMEs)" in collaboration with the Ministry of Employment and Labor, recognizing companies excelling in both the quantity and quality of youth jobs as well as corporate competitiveness.

Until now, the Ministry of Employment and Labor has annually selected "Youth-Friendly Strong Small Enterprises," but there were limitations such as low awareness among youth and insufficient support for corporate growth. This program will be expanded and reorganized as "(tentative name) Youth Job Strong SMEs," evaluating factors such as "youth employment," "wage levels," "work-life balance," "growth potential," and "investment performance in talent," selecting about 500 attractive small and medium-sized enterprises.

An official from the Ministry of SMEs and Startups explained, "Although there are many solid small and medium-sized enterprises that share the values of youth and growth, young people face many difficulties in obtaining related information, so the two ministries have decided to join forces to strengthen their role as a bridge."

Support for selected companies will also be significantly increased. Various preferential benefits from the Ministry of SMEs and Startups and the Ministry of Employment and Labor, such as employment stability incentives, technology guarantees, and exemption from regular tax audits, will be provided together. Additionally, costs for improving working environments, such as rest areas, will be additionally supported with 3 to 7 million KRW for 250 companies to back corporate growth and the creation of youth-friendly jobs.

Companies that qualify as small and medium enterprises under the "Framework Act on Small and Medium Enterprises" or as priority support target companies under the "Employment Insurance Act" can apply by the 8th of next month. After document screening and on-site inspections, the selected companies will be announced at the end of December.

Oh Young-joo, Minister of SMEs and Startups, emphasized, "It is very meaningful to discover and support small and medium enterprises that provide excellent jobs for youth by joining forces with the Ministry of Employment and Labor," adding, "We will continue to strengthen policy support so that outstanding SMEs can grow together with young people."

Kim Moon-soo, Minister of Employment and Labor, said, "We will fully support outstanding strong SMEs that contribute to youth employment, providing more job opportunities for young people and a foundation for growth for companies."