Ministry of SMEs and Startups to Launch Employment Insurance Premium Support Program for Small Business Owners Starting January 1 Next Year

The Ministry of SMEs and Startups announced on December 29 that it will implement the 'Employment Insurance Premium Support Program for Small Business Owners' starting January 1 next year, aiming to strengthen the social safety net by encouraging self-employed small business owners to enroll in employment insurance.

The self-employed employment insurance system provides up to seven months of unemployment benefits, vocational training expenses, and training incentives to business owners with fewer than 50 employees who close their businesses due to reasons such as decreased sales. Through the Employment Insurance Premium Support Program, the Ministry will reimburse small business owners who enroll in self-employed employment insurance for 50% to 80% of their monthly insurance premiums for up to five years, depending on the premium amount.

Small business owners enrolled in self-employed employment insurance who apply for the Small Business Policy Fund or the Hope Return Package (business restart support) can receive a preferential interest rate of 0.1 percentage points and an additional three points in the document evaluation, respectively.

In particular, next year, the government plans to enhance the benefits for insured small business owners by raising the document evaluation score from three to five points and is also considering a differentiated point system based on the number of years of enrollment.

Small business owners wishing to apply for both self-employed employment insurance enrollment and insurance premium support can do so in one step through the Employment and Industrial Accident Insurance Total Service website of the Korea Workers’ Compensation and Welfare Service. Those who are already enrolled in employment insurance and only wish to receive premium support can apply through the Small Enterprise and Market Service website.

For detailed inquiries about employment insurance enrollment, contact the Korea Workers’ Compensation and Welfare Service customer center. For questions regarding premium support, information is available at the Small Enterprise and Market Service integrated call center.