Asset Formation Easier for North Korean Defectors... Ministry of Unification Revises Enforcement Decree of the Act on Protection and Settlement Support of North Korean Defectors

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[Asia Economy Reporter Lee Ji-eun] The Ministry of Unification announced that the amendment to the "Enforcement Decree of the Act on the Protection and Settlement Support of North Korean Defectors" (hereinafter referred to as the Enforcement Decree of the North Korean Defectors Act), which expands the scope of support systems for the self-reliance and self-sufficiency of North Korean defectors, was reviewed and approved at the Cabinet meeting on the 8th.

The amendment mainly includes ▲revising the requirements for "model employers," ▲expanding the exceptions for the subscription period of the Future Happiness Account, and ▲clarifying the legal basis for the collection and processing of sensitive information.

The Ministry of Unification designates employers who meet certain conditions related to the employment of defectors as "model employers" and provides support such as priority purchase of products. With the legal amendment, the requirements have been relaxed (average annual employment of defectors reduced from 5 to 3).

Additionally, for the Future Happiness Account, where the government matches the amount saved by North Korean defectors at a 1:1 ratio when they save a certain percentage of their income, the exceptions for the subscription period have been expanded to include "disability" and "academic pursuits." The Ministry of Unification stated, "More North Korean defectors will be able to subscribe to the Future Happiness Account, thereby expanding their opportunities for asset formation."

This amendment will be implemented from the 18th of this month after the President's approval and promulgation.

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