Korea Federation of SMEs: Yellow Umbrella Online Subscribers Increase by 28% Year-on-Year

Total Number of Subscribers in the First Half of the Year Increases by 5%

The Korea Federation of SMEs announced on August 3 that the 'Carry the Yellow Umbrella, Revive the Domestic Economy' promotion, which has been running since July as part of its campaign to restore the livelihood economy, has received a strong response from small businesses and self-employed individuals.

Promotional poster for the Korea Federation of Small and Medium Business's "Protect Your Yellow Umbrella, Revive the Domestic Economy" campaign. Korea Federation of Small and Medium Business

This promotion, which began in July and will continue until the end of the year, provides a 50,000 won Small Business Love Gift Certificate to customers who join the Yellow Umbrella program through its website or mobile application (app) and web. The goal is to help stimulate domestic consumption and revitalize the domestic economy. The Small Business Love Gift Certificate is a mobile consumption coupon issued by the Korea Federation of SMEs and can be used at approximately 1.93 million Zero Pay-affiliated small business merchants nationwide.

As a result of the July promotion, the number of online subscribers to the Yellow Umbrella program reached 6,088, an increase of about 28% compared to the same period last year. The total number of new subscribers in the first half of this year also increased by about 5% year-on-year, reaching 145,621.

The monthly contribution amount can be set freely from 50,000 won to 1 million won, and up to 6 million won of annual contributions are eligible for income tax deductions. In addition, the entire contribution amount is returned as a retirement allowance with compound interest applied, without deducting any business expenses, in the event of business closure or retirement. Although the Bank of Korea lowered the base interest rate to 2.5% in May, bringing commercial bank deposit rates down to the 2% range, the Yellow Umbrella's compound interest rate for business closure indemnity is 3.3% per year, making it advantageous for accumulating a lump sum.

Lee Changho, head of the Mutual Aid Business Division at the Korea Federation of SMEs, stated, "We hope this promotion will provide real support for the recovery of small business sales and the revitalization of the domestic economy," adding, "The Yellow Umbrella will continue to serve as a steadfast social safety net for small businesses and the self-employed."