20-30% of Monthly Employment Insurance Premiums and 30-50% of Industrial Accident Insurance Premiums Supported for Up to Five Years
Up to 100% Full Refund Available When Combined with Ministry of SMEs and Startups Support
Busan City is launching a support program for small business owners to alleviate the burden of social insurance premiums.
Busan City (Mayor Park Hyungjoon) announced on the 24th that it will implement the Small Business Owners Employment and Industrial Accident Insurance Premium Support Program this year as well, to promote enrollment in 'Self-Employed Employment Insurance' and 'Industrial Accident Insurance for SME Owners' and to reduce the insurance premium burden for small business owners.
Since 2020, the city has been carrying out this program for six consecutive years, following the signing of a business agreement with the Korea Workers’ Compensation and Welfare Service and the Small Enterprise and Market Service to strengthen the social safety net for small business owners who are in the blind spot of social insurance benefits.
Currently, small business owners are not required by law to enroll in employment or industrial accident insurance, and as voluntary participants, their enrollment rates are low, highlighting the need to promote participation in social insurance programs.
As of December 2024, only 4,274 small business owners in the city are enrolled in employment insurance, and just 3,316 are enrolled in industrial accident insurance. Due to the voluntary nature of enrollment, participation remains low. In particular, the lack of a robust system to protect small business owners during involuntary business crises such as closure, industrial accidents, or disasters has raised concerns about the risk to their livelihoods and the need for support.
Through this program, Busan City will support 20-30% of the monthly employment insurance premiums and 30-50% of the industrial accident insurance premiums paid by local small business owners for up to five years.
For employment insurance, if small business owners simultaneously receive support from the Ministry of SMEs and Startups for the 2025 self-employed employment insurance premiums, the support rate has been increased so that those in the first and second standard remuneration grades can receive up to a 100% full refund.
Any small business owner in Busan who is enrolled in both employment and industrial accident insurance is eligible to apply for this program. Applications are accepted at any time through the official online website, and after verification of eligibility, insurance premiums will be paid based on the standard remuneration grade. Required documents include a Small Business Owner Certificate and a Business Registration Certificate.
For more details, please contact the call center of the Small Business Support Center (Busan Economic Promotion Agency), which is the implementing agency, or visit the official website.
Kim Bongcheol, Director of the Digital Economy Bureau of Busan City, stated, "In a situation where the protection system for small business owners facing involuntary situations such as business crisis, closure, or industrial accidents is insufficient, this support program is expected to be helpful," adding, "We will do our best to actively encourage participation in social insurance in order to reduce the livelihood risks of small business owners and create a stable business environment."
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