1214 'Cheongnyeon Gangso Companies' Selected to Give 1 Million Won More in Monthly Salary

Preferential Financial and Tax Audits for Selected Companies, Additional Points for Designation as Military Service Special Companies, etc.

[Sejong=Asia Economy Reporter Moon Chaeseok] The government announced on the 20th that it has selected 1,214 youth-friendly small and strong enterprises that pay an average wage about 1 million KRW higher than general small and medium-sized enterprises (SMEs). This policy was implemented to improve awareness and increase employment in SMEs, providing benefits such as preferential treatment in financial and tax investigations to the selected companies.

The Ministry of Employment and Labor stated that it selected 800 companies in each of the three areas: wages, work-life balance, and employment stability. Excluding companies selected in multiple categories, the total is 1,214 companies. The number of selected companies has increased from 1,118 in 2016 to 1,222 last year, and 1,214 this year, maintaining over 1,200 companies for two consecutive years. Companies with industrial accident fatalities, credit ratings below B-, those publicly listed for wage arrears within three years, companies with lower employment retention rates than the industry average, mutual investment restricted business groups, and public enterprises are excluded.

The Ministry analyzed that the selected companies excel in wages and new hiring compared to general companies (business establishments with 10 or more employees enrolled in employment insurance; 30 or more for construction). The median wage of these companies last year was 3.05 million KRW, and the average wage was 3.23 million KRW, which is 2 million KRW and 2.17 million KRW higher than general companies, respectively. From January to October this year, the average number of new hires per company was 16.3, 4.1 more than general companies. The number of youth hires was 11.3, 6.4 more than general companies. As of last October, the proportion of youth among current employees was 48%, 19 percentage points higher than the 29% in general companies.

Strong small enterprises receive benefits such as customized recruitment support services (Worknet themed recruitment halls), preferential treatment in financial and tax investigations, and additional points when designated as military service exception companies. Especially, from this year’s selected companies, preferential benefits are provided when leasing public property. The list of selected companies can be checked from the 21st on the Ministry of Employment and Labor’s website under notices. Detailed information such as company-specific wage data and work-life balance support can be searched on Worknet starting January 1 next year, the start date of the validity period. Youth hoping to work at strong small enterprises can register as job seekers and check job information and apply through the 'Themed Recruitment Hall' on the Worknet website.

Kwon Changjun, Director of Youth Employment Policy at the Ministry of Employment and Labor, said, "We hope that young people will be helped to find jobs by utilizing excellent company information, and we will continue to improve selection, support, and promotion so that strong small enterprises become companies that young people want to join." Among the selected strong small enterprises, representative companies will be awarded plaques at the 'Job Creation Merit Awards and Youth-Friendly Strong Small Enterprises Selection Ceremony' on the 23rd.

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