Incheon City Supports SMEs with 300,000 KRW Monthly for Employing Retired Workers... Up to 10 People

[Asia Economy Reporter Park Hyesook] Incheon City provides subsidies to small and medium-sized enterprises (SMEs) that extend the employment of retirees.

According to the city on the 22nd, SMEs in the local manufacturing sector that rehire or newly employ workers aged 60 to 64 for more than two years will receive 300,000 KRW per month for up to one year, paid to the employer.

Support is available for up to 10 employees within 10% of the company's employment insurance subscribers, and businesses with fewer than 10 employees can receive support for up to two employees.

Interested companies can apply through the SME support portal BizOK until the budget is exhausted.

The city started this program in 2019 to promote the livelihood stability of retirees aged 60 and over and to alleviate manpower shortages in SMEs, supporting the extension of employment for a total of 542 people over three years.

An Incheon city official stated, "We hope that employment for retirees after retirement will stabilize and that jobs in SMEs will increase," adding, "We will continue to implement job policies that align with changes in population structure and life expectancy."

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