New Recruitment for the 2021 Gangwon-type Job Safety Deduction

From the 18th of this month until city and county budgets are exhausted, ongoing throughout the year

[Asia Economy Reporter La Young-cheol] Gangwon Province will continue this year the 'Gangwon-type Job Security Deposit' program, which aims to improve the real wages of workers in small and medium-sized enterprises within the province and encourage long-term employment to support workers' job security and business stability.

According to the province on the 14th, the program involves accumulating 500,000 KRW per month (150,000 KRW from the worker, 150,000 KRW from the company, and 200,000 KRW from city/county subsidies) over five years, after which the worker receives a total accumulated amount of around 30 million KRW upon maturity.

Up to last year, 8,820 people had enrolled (including those who terminated early), and the province aims to recruit 1,836 new participants this year. Notably, from this year, with the launch of the Gangwon Job Foundation, the entrusted operating institution has changed from the Gangwon Credit Guarantee Foundation to the Gangwon Job Foundation.

Additionally, the previously separate deposit program and welfare service program have been unified, and from July, a dedicated website will be launched to allow members to easily check contract progress, payments, disbursement status, and welfare services at a glance.

Applications must be made jointly by the company and the worker, and during the support period, the business registration certificate's workplace location must be a small or medium-sized enterprise (including small business owners) within the province.

Workers must be 'regular employees or indefinite-term contract employees' who can remain employed at the affiliated company for at least five years from the contract date. However, fixed-term contract workers are excluded.

Baek Chang-seok, Director of the Job Bureau of the province, said, "The Job Security Deposit program creates an environment where workers in the province can maintain long-term employment and has been shown to have the effect of preventing the outflow of key personnel to other regions."

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