Mid-sized Companies with Sales Under 300 Billion KRW Also Eligible for 'Youth Unemployed Employment Support'
Approval of the Amendment to the Enforcement Decree of the Junggyeon Gieopbeop at the Cabinet Meeting
Selection Target for Prestigious Long-Established Companies Expanded from Mid-Sized Companies with Sales Under 300 Billion KRW to All Mid-Sized Companies
[Sejong=Asia Economy Reporter Joo Sang-don] Going forward, early-stage mid-sized companies with sales under 300 billion KRW will also be eligible to receive youth employment support under the 'Special Act on the Promotion of Youth Employment.'
The Ministry of Trade, Industry and Energy announced that the partial amendment to the Enforcement Decree of the 'Special Act on the Promotion of Growth and Competitiveness of Mid-Sized Companies' was approved at the Cabinet meeting on the 31st and will take effect from September 16.
This amendment is a follow-up measure to the revision of the 'Special Act on the Promotion of Growth and Competitiveness of Mid-Sized Companies,' including the expansion of the selection target for prestigious long-established companies and the expansion of youth unemployed employment support targets.
The selection target for prestigious long-established companies is expanded from mid-sized companies with sales under 300 billion KRW to all mid-sized companies. Prestigious long-established companies refer to companies that have contributed significantly to society through sound management over a long period (45 years or more) and are expected to continue sustainable growth across generations. Additionally, a legal basis was established through the amendment of the enforcement decree to allow early-stage mid-sized companies with sales under 300 billion KRW to receive youth unemployed employment support.
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An official from the Ministry of Trade, Industry and Energy stated, "Through this amendment, we expect to present more diverse desirable growth role models to companies and strengthen the role of mid-sized companies in creating youth jobs."
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