Receive an Additional 120,000 KRW from the District When You Join Now...
Geumcheon-gu Launches 'Yellow Umbrella Mutual Aid Hope Incentive' Support
Can Be Received Together with the Seoul City Hope Incentive
Geumcheon-gu (Mayor Yu Seong-hoon) announced that it will implement the ‘Yellow Umbrella Mutual Aid Hope Incentive’ support project to maintain the livelihoods of small business owners who are struggling to operate due to business closure or illness and to strengthen the social safety net.
From January 1 of this year, small business owners located in Geumcheon-gu with annual sales of 300 million KRW or less who newly join the Yellow Umbrella Mutual Aid will receive a hope incentive of 10,000 KRW per month for up to 120,000 KRW over one year.
Small business owners who join the Yellow Umbrella Mutual Aid can freely pay from 50,000 KRW to 1,000,000 KRW per month in increments of 10,000 KRW. Interest is compounded annually, and when a payment reason occurs, a lump sum payment can be received as a large sum of money.
The interest rate is 3.3% (quarterly variable) as of the first quarter of this year, and up to 6 million KRW annually can be deducted from income tax on contributions. Seizure, transfer, or collateral provision of the mutual aid funds is prohibited.
On February 14, the district signed a business agreement with the Korea Federation of SMEs to promote the Yellow Umbrella Mutual Aid Hope Incentive support project. A district official stated, “The Yellow Umbrella Mutual Aid Hope Incentive can be received concurrently with the Seoul City Hope Incentive, which provides 20,000 KRW per month, making it more effective in reducing the economic burden on small business owners,” and added, “You can join the Yellow Umbrella Mutual Aid through the Seoul Regional Headquarters of the Korea Federation of SMEs.”
Yu Seong-hoon, Mayor of Geumcheon-gu, said, “Through the Hope Incentive support project, I hope local small business owners join the Yellow Umbrella Mutual Aid to establish a stable support for their livelihoods and prepare for income gaps,” and added, “We will continue to implement various policies to resolve the difficulties of small business owners and revitalize the local economy.”
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