KB Financial and Gyeongbuk Province to Provide 1 Billion Won Support to 2,700 Small Business Owners Balancing Childcare and Work... 400,000 Won for Vacation Expenses, 200,000 Won for Electricity Bills

Support of 12 Million KRW for Labor Costs
for Employees on Parental Leave After Childbirth

On the 12th, North Gyeongsang Province announced the launch of the 'KB Small Business Owners Happiness Support Project' in partnership with KB Financial Group, aiming to implement a special initiative to help small business owners overcome the low birthrate issue.

This support project stems from a business agreement between North Gyeongsang Province and KB Financial Group in December last year regarding policies to overcome the low birthrate. Its goal is to provide opportunities for rest and recuperation to small business owners who are balancing childcare and work. A total of 1 billion KRW will be invested over one year to support 2,700 small business owners.

Gyeongbuk Provincial Government

The Happiness Support Project consists of three programs for small business owners in the province who are raising children: family vacation support, electricity bill support, and substitute labor cost support for employees on maternity leave. The project will be managed by the Gyeongsangbuk-do Economic Promotion Agency, and each program will be announced separately on the agency's website in March.

First, the Family Vacation Support Program targets 900 small business owners whose business and residence are located in North Gyeongsang Province and who are raising children born after January 2017. Each selected business owner will receive vacation points worth 400,000 KRW, which can be used for accommodation and experiences at tourist attractions across the province, as well as family photo prints.

This initiative is expected to provide small business owners with an opportunity to relieve work-related stress, recharge, and create unforgettable memories with their families.

Additionally, the Childcare Electricity Bill Support Program will assist 1,800 small business owners raising children born after January 2017 by covering up to 200,000 KRW of their 2024 business electricity bills.

Support is also available for employees of small businesses. Small business owners with employees who have worked for more than six months and are on maternity leave will receive substitute labor cost support, with 2 million KRW provided monthly for six months.

Applications for the project can be submitted via the North Gyeongsang Province 'Moiso' mobile app or by email. After a document review, the results will be individually notified to applicants.

Choi Youngsook, Director of Economic and Trade Affairs for North Gyeongsang Province, stated, "Amid the recent population decline crisis, North Gyeongsang Province aims to stabilize the childbirth and childcare environment for small business owners through family-friendly policy projects and enhance local residents' satisfaction. We hope this initiative will provide practical help for both the family and business management of small business owners, and we look forward to active interest and participation from small business owners in the province."