Promotion of the Hope Employment Retention Support Project
Support for Employers' Share of Four Major Insurance Premiums
Busan City has launched an 'Employment Retention' project to support companies with up to 12 million won to stabilize employment in the construction industry. Previously, this support program was applied to the manufacturing sector, but this year it has been newly introduced to the construction sector as well.
Busan City (Mayor Park Hyungjoon) announced on the 24th that it will actively promote the 'Busan Hope Employment Retention Support Project' to ensure employment stability for workers and management stability for small and medium-sized enterprises (SMEs).
This project aims to help SMEs in the manufacturing sector and others striving to maintain jobs in response to the ongoing economic downturn. Launched in 2021, it marks its fifth year this year, having supported a total of about 1,360 companies and 22,000 individuals in maintaining or expanding employment up to last year.
The city will provide support for the employer’s share of the four major insurance premiums if Busan-based small and medium-sized enterprises implement employment retention agreements and maintain or expand employment for one year from January 1 of this year.
This year, 'Construction Industry Employment Retention Support' has been newly established to prevent the outflow of skilled workers and ease the management burden on construction companies.
This initiative is being promoted to strengthen the employment stability of skilled construction workers amid ongoing difficulties in the local construction industry, such as a sharp decline in the number of employed people due to the construction market downturn in Busan. The support amount has been doubled, with up to 1.2 million won per company (600,000 won per person for up to 20 people).
Additionally, manufacturing SMEs with five or more regular employees located in Busan industrial complexes, or companies participating in Busan’s regional specialized projects (Legend 50+), can receive support for the employer's share of the four major insurance premiums up to 6 million won per company (300,000 won per person, up to 20 people) through this project.
Companies wishing to participate in the project can also receive additional support such as linkage with government support programs through the Corporate Management Council, job placement services, and industrial safety and health consulting.
Legend 50+ is a regional SME development policy in which the Ministry of SMEs and Startups intensively supports regional SMEs for three years by gathering policy resources when metropolitan governments plan regional specialized projects that utilize local characteristics and strengths.
Companies wishing to participate in this project can apply through the Busan Employers Federation website from the 24th until April 11th. Detailed eligibility requirements and other information can be found in the recruitment announcement posted on the Busan Employers Federation website.
The final participating companies will be selected through a selection review committee, and the final support amount per employee may be adjusted depending on the number of applicants and budget circumstances.
Busan City will check the employment retention status of participating companies every month and provide support funds twice a year (in June and December). Companies that violate the employment retention agreement will lose their eligibility and be required to return the support funds.
Kim Bongcheol, Director of the Digital Economy Office of Busan City, said, "As the difficulties faced by SMEs are increasing amid the domestic and global economic crisis, we hope this project will help stabilize employment for workers and management for companies, even if just a little."
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