"Wolchul Pay" Drives Revitalization of the Local Economy
Yeongam County in South Jeolla Province (Governor Woo Seunghee) has been providing the "Shipbuilding Industry New and Re-Employed Workers Settlement Subsidy" in the form of the Yeongam-style local gift certificate "Wolchul Pay" starting this year.
According to the county on May 14, since 2022, Yeongam County and South Jeolla Province have jointly provided a total of 3 million won in settlement subsidies to new shipbuilding industry workers moving into the area, paying 250,000 won per month for 12 months. This subsidy, previously paid in cash, is now provided as local currency.
In March, the county received applications from 38 participants for the settlement subsidy program. On April 15, 600,000 won was paid to 24 new or re-employed workers who met the eligibility requirements, and on May 10, 750,000 won was paid to 30 participants. The remaining eight individuals will receive the settlement subsidy starting from the month they meet the three-month employment requirement.
According to data from the Wolchul Pay operating company, between April 15 and May 9, 4.42 million won of the settlement subsidy was circulated in the local economy. This means that at least about 74% of the 6 million won in Wolchul Pay distributed was spent on revitalizing the local economy.
Kim Sangjin (57), who moved to Yeongam from Busan last year to find a job in the shipbuilding industry, said, "Receiving the settlement subsidy has reduced my living expenses. Since the subsidy is provided in local currency, I have been using more local businesses such as supermarkets, restaurants, and gas stations."
Yeongam County’s settlement subsidy is provided to those who have moved in and found employment after January 1, 2024. New employees in the shipbuilding industry or re-employed workers with more than two years of experience can apply by filling out the required documents in the "Announcements" section of the Yeongam County website and submitting them in person or by fax to the Yeongam County Corporate Support Division. If submitting by fax, a prior phone call is required.
Kim Myungseon, head of the Corporate Support Division, stated, "Shipbuilding companies in the Daebul Industrial Complex are leading a local circular economy by first investing wealth generated in the region back into the local economy, such as through the consumption of Yeongam rice and the purchase of local currency. We will continue to implement policies that promote mutual growth among companies, employees, and the local community, and drive the revitalization of the local economy, including through the settlement subsidy program."
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