Gwangyang-si, Recruiting Participating Companies for Jeonnam Youth Employment Retention Incentive Program This Year

Up to 20 Million Won Support Per Person, In-Person Applications Accepted Until the 26th

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Gwangyang City announced on the 16th that it will recruit companies participating in the Jeonnam Youth Retention Incentive Support Project until the 26th of this month.

The Jeonnam Youth Retention Incentive Support Project aims to promote youth employment in regular positions and encourage long-term retention, while contributing to narrowing the wage gap between large corporations and small and medium-sized enterprises.

The eligibility criteria require companies located in Gwangyang City with 5 to fewer than 300 employees insured under employment insurance, employing youth workers aged 18 to 39 in their 1st to 4th year of service.

Through this project, companies and youth will receive up to 20 million KRW per person over four years, including ▲ Employment Incentive (1st year) 5 million KRW (Youth 3 million, Company 2 million) ▲ Employment Retention Incentive (2nd year) 4.5 million KRW (Youth 3 million, Company 1.5 million) ▲ Retention Incentive (3rd year) 5.5 million KRW (Youth 4 million, Company 1.5 million) ▲ Long-term Retention Incentive (4th year) 5 million KRW (Youth).

The city plans to select supported companies and youth by the 19th of next month, based on criteria such as subscription to the four major social insurances, delinquency status, duplication of support projects, and company evaluation scoring standards.

Companies wishing to participate can visit the Investment and Job Creation Division at City Hall with the application form and required documents posted on the city’s website under Notices and Announcements.

Moon Byung-ju, head of the Investment and Job Creation Division, said, “Last year, we supported 122 youths from 45 companies, and many companies experienced reduced turnover rates and positive effects on youth employment and career development in SMEs through the retention incentive support project,” adding, “We hope for active interest and participation from companies this year as well.”

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