Quarterly Support of 300,000 KRW per Employee for SMEs Increasing Elderly Workers

New 'Elderly Employment Support Fund' Established
"Work Support Until Desired Retirement Age"

[Sejong=Asia Economy Reporter Moon Chaeseok] From this year, small and medium-sized enterprises (SMEs) and mid-sized companies with an increased number of workers aged 60 and over will receive government subsidies.

The Ministry of Employment and Labor announced on the 2nd that it will implement the "Elderly Employment Support Fund" system starting this year. Employers of priority support target companies or mid-sized companies whose average monthly number of workers aged 60 or older (hereinafter referred to as elderly workers) in the application quarter has increased compared to the average monthly number of elderly workers over the previous three years before the previous quarter can apply for the support fund. Eligible employers can receive 300,000 KRW per additional elderly worker per quarter for two years. The support limit is 30 workers per company.

According to the Enforcement Decree of the Employment Insurance Act, priority support target companies are manufacturing businesses with 500 or fewer regular employees; mining, construction, transportation and warehousing, and information and communication industries with 300 or fewer employees; wholesale and retail, accommodation and food service industries with 200 or fewer employees; and financial and insurance industries. Large corporations, public institutions, and local public enterprises are not eligible for this support system.

Kim Youngjoong, Director of Employment Policy at the Ministry of Employment, said, "The challenge of our labor market is to enable workers to work longer," adding, "We will support elderly workers to work until the age they wish to retire."

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