Jungjingong Expands Eligibility for Naeilchaeumgongje Membership

Sequential Expansion to Cooperatives, Real Estate Businesses, and Medical Corporations

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 3rd that it will sequentially expand the eligible industries for the Naeil Chaeum Jege subscription to cooperatives, real estate businesses, and medical corporations. Through the amendment of the Special Act on Support for Small and Medium Enterprises Workforce and the Framework Act on Small and Medium Enterprises in 2021, workers employed in cooperatives from April, real estate businesses from June, and medical corporations (scheduled for October) will be able to subscribe to the Naeil Chaeum Jege by industry.

When subscribing to the Naeil Chaeum Jege, employers and workers jointly accumulate contributions at a certain rate, and especially for young workers under the age of 34, the government provides additional subsidies to pay a lump sum of more than 30 million KRW to the worker upon maturity (5 years). The cooperatives eligible for subscription this time refer to cooperatives, cooperative federations, social cooperatives, and social cooperative federations under the Small and Medium Business Cooperative Act, excluding the Korea Federation of SMEs. Real estate businesses and medical corporations will be able to subscribe to the fund from June and October respectively, depending on the timing of related law amendments and promulgations.

The purpose of the amendment to the Framework Act on Small and Medium Enterprises related to cooperatives is to include small and medium business cooperatives within the scope of small and medium business owners, thereby easing regulations to allow participation in government and local government support projects. This is expected to improve the effectiveness and efficiency of support projects utilizing the cooperative platform of small and medium business cooperatives.

Applications for the Naeil Chaeum Jege subscription can be made online through the website or mobile app, and consultations and subscription applications can also be made at 32 regional SBC branches or at the counters of IBK Industrial Bank, Shinhan Bank, and Woori Bank. Kim Hyung-soo, head of the SBC Job Headquarters, said, "As of last year, the Naeil Chaeum Jege has surpassed 550,000 cumulative subscribers and 4.6 trillion KRW in funds, making it a representative job support project that supports long-term employment of workers in small and medium venture companies," adding, "We will strive to provide a reliable job safety net for companies and workers through continuous regulatory improvements and expanded support."

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