Extension of Draft Fund Support Deadline Until Year-End

[Asia Economy Reporter Park Sun-mi] The deadline for financial support from the Period Industry Stabilization Fund, which was originally scheduled to end at the end of this month, has been extended until the end of the year.

On the 22nd, the 29th Period Industry Stabilization Fund Operation Deliberation Committee approved a partial amendment to the 'Period Industry Stabilization Fund Operation Plan.' The main amendments include the extension of the financial support deadline and the update of some financial support conditions.

The support period for the Period Industry Stabilization Fund and the support program for partner companies will be extended by 8 months from the original deadline of this month 30th to December 31st of this year. The salary freeze point for high-income executives receiving fund support has been changed from 2019 to 2020, and the employment retention reference date has been updated from May 1, 2020, to May 1, 2021, to reflect current circumstances.

For high-income (over 200 million KRW) executives of companies receiving support from the fund, their compensation will be frozen at the 2020 salary level during the support period. Additionally, companies are obligated to maintain employment, keeping the number of employees as of May 1, 2021, at a maximum (at least 90%) level.

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