New 1 Million KRW Payment for Self-Employed and Freelancers with Income Reduction... Who Qualifies?

Announcement of the Implementation of the '3rd Emergency Employment Stability Support Fund' Project
Online Applications Open from the 22nd to the 1st of Next Month
Eligibility and Income Requirements Must Be Met... Lump-Sum Payment at the End of February

Asia Economy DB=Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] The '3rd Emergency Employment Stability Support Fund' project, which provides 1 million KRW to special-type workers (teukso hyeongtae geunrosangsa, teukgo) and freelancers who have not previously received support funds, is underway.

The Ministry of Employment and Labor announced on the 14th, "Special-type workers and freelancers with certain income levels who have not previously received the emergency employment stability support fund will also receive support," adding, "Eligible special-type workers and freelancers will receive 1 million KRW."

The support targets special-type workers and freelancers who did not receive the 1st or 2nd emergency employment stability support funds but provided labor and earned income between October and November 2020. However, those enrolled in employment insurance during this period are excluded from eligibility.

To newly receive the 3rd support fund, applicants must meet both qualification and income requirements simultaneously.

First, they must have worked as special-type workers or freelancers in October-November of last year and earned income of at least 500,000 KRW.

At the same time, their annual income in 2019 must be 50 million KRW or less, and their income in December 2020 or January 2021 must have decreased by 25% or more compared to the reference period income.

The reference period can be chosen from one of the following: ▲average monthly income in 2019 ▲December 2019 ▲January 2020 ▲October 2020 ▲November 2020 income.

If the number of applicants exceeds the budget, rankings will be assigned for each category of ▲2019 annual income ▲income reduction rate ▲income reduction amount, and support will be provided within the budget based on the combined overall ranking.

An official from the Ministry of Employment emphasized, "Since the 2019 annual income is based on data reported to the National Tax Service, failure to submit related documents may result in lower priority during the review."

Applications for the 3rd support fund can be submitted from 9 a.m. on January 22 to 6 p.m. on February 1 via the application website (covid19.ei.go.kr, PC only).

For those unfamiliar with computer use, it is also possible to apply in person at the Employment Welfare Plus Center from 9 a.m. on January 28 to 6 p.m. on February 1 by bringing an ID card, a copy of a bankbook, and supporting documents.

The support fund will be paid in a lump sum at the end of February after all qualification and income requirements have been reviewed. For more details, please contact the dedicated call center (☎1899-9595) or visit the application website.

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