Seoul City Invests 50 Billion KRW in Salaries for 10,000 Skilled Workers at Promising Startups

Support of 1 Million Won per Person per Month for 5 Months ... Aiming to Improve Employment Stability

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government announced on the 30th that it will invest a total budget of 50 billion KRW in promising startups with high growth potential.

This is to support labor costs so that the technology and product development schedules pursued by startups are not disrupted despite difficulties caused by the prolonged COVID-19 pandemic, and at the same time to enhance the employment stability of technical personnel working in startups.

In particular, this is not a simple employment subsidy but a "Growth Support Fund for Promising Companies" that supports labor costs for technical talents in promising technology fields such as bio/medical and non-face-to-face sectors, whose technology and business feasibility have been verified through investment attraction from private investors.

Considering the scale of applications and remaining budget, the support is primarily provided to startups with five or more regular employees, paying up to three employees per company 1 million KRW per person per month for five months. For companies with 10 to less than 15 employees, up to five employees can receive support, and for companies with 15 or more employees, up to seven employees can receive labor cost support.

The city will provide prompt support to startups facing financial difficulties due to COVID-19, but to prevent moral hazard such as fraudulent claims, it will continuously investigate the possibility of fraud through accounting firms after labor cost support and recover funds if any issues are found.

The application period for the support fund is from September 7 to 25, for 19 days, and applications can be submitted through the website (http://www.applyhub.co.kr/support). Startups based in Seoul with five or more regular employees as of June 1, 2020, that have received cumulative investment between 100 million KRW and 5 billion KRW from new technology business finance companies, small and medium business startup investment companies, venture investment associations, etc. since 2018 are eligible to apply.

Employees who have benefited from labor cost-related support projects from the central government, local governments, or public institutions are excluded from the support fund eligibility.

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