'Employment Retention and Wage Reduction' Labor-Management Agreement Subsidy Application Period Extended by 4 Months

[Sejong=Asia Economy Reporter Moon Chaeseok] The application period for the 'Employment Stability Agreement Support Project,' in which the government supports labor costs if labor and management agree to share the pain to overcome the COVID-19 crisis, will be extended by four months.

The Ministry of Employment and Labor announced on the 2nd that it has decided to extend the application period for the Employment Stability Agreement Support Project, which ended on the 30th of last month, until November 1 of this year.

The Employment Stability Agreement Support Project is a program where, if an employer who needs to adjust employment such as layoffs due to the COVID-19 situation agrees with workers to maintain employment but reduce wages, the government supports part of the wage reduction to the employer. Employers must use the support funds for worker support.

The Ministry of Employment and Labor explained that, as the difficulties of companies continue due to the prolonged COVID-19 situation, it decided to extend the application period for the Employment Stability Agreement Support Project.

The Ministry added, "(The Employment Stability Agreement Support Project) is a temporary project until the end of this year and is supported within the budget range, so workplaces wishing to participate are advised to apply as soon as possible."

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