Incheon City to Provide Subsidies to Domestic and Foreign Investment Companies Expanding Employment

Incheon City will provide employment subsidies of up to 6 million won per full-time employee to encourage domestic and foreign investment companies to expand new employment opportunities.

The employment subsidy is granted to companies that relocate to Incheon or make new investments and increase employment beyond the standard number of employees set by Incheon City. The support amount has been doubled from 500,000 won last year to a maximum of 1 million won per person, provided for six months.

For domestic companies, eligibility is limited to those that have relocated their headquarters, factories, research institutes, or training centers from regions outside Incheon to Incheon. The corporate relocation registration date, business registration date, or factory registration date must be within two years from the application date. In addition, the number of newly hired Incheon citizens must exceed 20 people.

For foreign-invested companies, eligibility is limited to those located in Incheon and within five years of investment registration. As of the application date, the foreign investment ratio must be at least 30 percent, and the number of new full-time employees hired last year must exceed the number in 2023 by more than 20 people.

Incheon City Hall

Eligible companies will be finally selected after review by the Incheon City Investment Attraction Planning Committee. However, if a company has already received employment subsidies for the same item from the central government or other institutions, duplicate support is not allowed. In addition, companies that receive the subsidy must maintain their full-time employment numbers until 2027, and in the case of foreign-invested companies, must also maintain a foreign investment ratio of at least 30 percent.

The application period for the subsidy is until the 18th of next month.

An official from Incheon City stated, "The employment subsidy is an incentive designed to support the stable settlement of investment companies and the expansion of quality jobs in the region," and added, "We will continue to do our best to create a business-friendly investment environment and generate excellent jobs."