"Youth Employment, Towards Good Jobs"… Ministry of Employment and Labor Opens Applications for 'Youth-Friendly Small Giants' Program

Asia Economy DB=Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Bo-kyung] The Ministry of Employment and Labor is accepting applications from companies for the selection of the '2021 Youth-Friendly Small Giants' from the 20th of this month until the 9th of next month.

Youth-Friendly Small Giants have been selected since 2016 to provide various information about companies, improve awareness of small and medium-sized enterprises, and encourage youth employment in good jobs.

Selected companies receive various benefits such as recruitment support services, preferential interest rates, and additional points when designated as special military service companies.

An analysis of the 2020 Youth-Friendly Small Giants, selected last December, confirmed that their wages and employment performance were superior compared to general companies.

For example, the median wage of the 2020 Youth-Friendly Small Giants last year was 3.29 million KRW, and the average wage was 3.76 million KRW, which is 940,000 KRW and 970,000 KRW higher respectively than all workplaces registered with employment insurance, indicating a higher wage level.

As of the first half of 2020, the average number of newly hired workers per Youth-Friendly Small Giant was 9.0, of which 67.8% were youth. Compared to general companies, they hired 1.9 more new workers and 3.5 more youth workers, showing excellent job creation capability.

Additionally, as of June, the proportion of youth among current employees was 46.6%, which is 18.0 percentage points higher than that of general companies, confirming that many youth are working there.

Eligible applicants are companies with 10 or more employees that do not fall under disqualifications such as wage arrears or industrial accident deaths, and are small to medium-sized enterprises with working conditions preferred by youth.

To apply, refer to the announcements on the Ministry of Employment and Labor website and submit the application form to the 'Youth-Friendly Small Giants Operation Secretariat.'

The results of the Youth-Friendly Small Giants selection will be announced in December, and the validity period for selected companies is from January 1, 2021, to December 31, 2021.

This content was produced with the assistance of AI translation services.