Korea Federation of SMEs, 'Noran Usan' Online Subscription Promotion in April-May

Yellow Umbrella launches online enrollment promotion
for small business owners during income tax filing season

The Korea Federation of Small and Medium Business announced on the 1st that it will conduct a 'Yellow Umbrella Online Enrollment Promotion' for two months, May and June, coinciding with the comprehensive income tax filing period. All new subscribers who join through the Yellow Umbrella website or app during this period will receive a 30,000 KRW Naver Pay coupon.

Yellow Umbrella is a retirement benefit system necessary for livelihood stabilization and business recovery when small businesses and small merchants face difficulties due to closure, death, or old age. Representatives of small businesses and small merchants, as well as unregistered small merchants, can also enroll.

The payment amount can be set in units of 10,000 KRW from 50,000 KRW to 1,000,000 KRW per month. The subscription period lasts until the reason for the deduction payment occurs. Yellow Umbrella is subject to an annual income deduction of up to 6,000,000 KRW, separate from existing income deduction products. Additionally, depending on the amount of business income, subscribers can enjoy tax benefits of up to 1,540,000 KRW.

Lee Chang-ho, head of the Deduction Business Division at the Korea Federation of Small and Medium Business, said, “Yellow Umbrella, a representative social safety net for small businesses and small merchants, reached 3 million cumulative subscribers last March,” and added, “We will continue to do our best to improve the system and prepare various welfare benefits so that small businesses and small merchants can operate their businesses with peace of mind.”