Incheon City Provides 300,000 KRW Monthly Support to SMEs Hiring Retired Employees

[Asia Economy Reporter Park Hyesook] Incheon City has decided to provide a monthly subsidy of 300,000 KRW to small and medium-sized enterprises (SMEs) that hire retirees and is recruiting participating companies until the end of this month.

The city is investing a budget of 700 million KRW to support SMEs in the manufacturing sector in Incheon, where the retirement age is set at 60 years or older. If these companies rehire workers who have reached retirement age for more than two years or newly employ them, they will receive 300,000 KRW per worker per month, up to a total of 3.6 million KRW for one year.

The support is provided for up to 10 employees, within 10% of the total number of workers per company, and for workplaces with fewer than 10 employees, support is provided for up to 2 workers.

Once selected as a supported company, the subsidy will be paid after confirming the workers' employment status every three months.

The city is promoting this project as part of its new senior employment policy to address the demand for economic activities among retirees aged 60 and over in the aging era, linking it to the labor shortage problem of SMEs.

For more details, please check the BizOK website (https://bizok.incheon.go.kr) or contact the Incheon Technopark Employment Support Center at 032-725-3032.

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