Jungjingong and Korea Rail Network Authority Join Hands to Support Long-term Employment of Partner Company Youth Workforce

Business Agreement on Win-Win Cooperation Type Tomorrow Filling Deduction between Korea Rail Network Authority and Partners

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 21st that it has signed a win-win cooperation type Tomorrow Filling Deduction business agreement with the Korea Rail Network Authority (Chairman Kim Han-young).

Both parties agreed to join forces to support the win-win cooperation type Tomorrow Filling Deduction aimed at encouraging long-term employment and attracting outstanding young talent among excellent small and medium-sized railway-related partner companies.

SBC will support subscription to the Tomorrow Filling Deduction and handle its operation and management, while the Korea Rail Network Authority will be responsible for recruiting and selecting eligible candidates and disbursing support funds. The Korea Rail Network Authority plans to support the corporate contribution for the Young Employee Tomorrow Filling Deduction by 100,000 KRW per month per young core employee at excellent partner companies in the railway design field for the next five years.

The Young Employee Tomorrow Filling Deduction is a representative public deduction system that supports long-term employment and asset formation for young workers. When companies and employees jointly accumulate deduction funds over five years, a lump sum is paid to the employee upon maturity. Since 2015, SBC has supported the long-term employment of about 7,500 core personnel in small and medium ventures through win-win cooperation type deduction collaborations with 23 local governments in the public sector, 20 public institutions, and 4 private companies.

Woo Young-hwan, Head of the Job Division at SBC, said, "SBC currently operates win-win cooperation type deductions with a total of 47 public institutions, local governments, and large corporations," adding, "We hope that this agreement will serve as an opportunity for public institutions to fulfill their social responsibilities and actively practice ESG management, spreading this culture throughout society."

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