Goheung-gun Supports Small Business Owners with Yellow Umbrella Mutual Aid Enrollment Incentives

Support up to 240,000 KRW per year with 20,000 KRW monthly installments

[Goheung=Asia Economy Honam Reporting Headquarters, Reporter Shim Jeong-woo] On the 8th, Goheung-gun, Jeollanam-do announced that it will provide enrollment incentives for new subscribers to the Yellow Umbrella Mutual Aid for local small business owners.

The Yellow Umbrella Mutual Aid, operated by the Korea Federation of SMEs, is a public mutual aid system aimed at providing small business owners with opportunities for recovery and ensuring livelihood security from threats to their living.

New subscriptions are possible in increments of 10,000 KRW, ranging from 50,000 to 1,000,000 KRW per month, with an annual income deduction of up to 5,000,000 KRW. Additionally, various benefits are provided, including seizure protection, compound interest, accident insurance support, and free consultations with experts in law, taxation, labor, and accounting.

The support targets small business owners with annual sales of 300 million KRW or less who newly subscribed to the Yellow Umbrella Mutual Aid from January this year. From the month the mutual aid payment is made, they will receive an additional 20,000 KRW per month for one year, up to a maximum of 240,000 KRW.

Subscription to the mutual aid can be done by visiting financial institutions such as the NongHyup Central Association or applying online through the Yellow Umbrella Mutual Aid website.

A county official said, “We hope that the enrollment incentive policy for the Yellow Umbrella Mutual Aid will promote subscriptions and provide strong support for building an economic safety net and self-reliance for small business owners whose livelihoods have become unstable due to the COVID-19 crisis.”

Goheung=Asia Economy Honam Reporting Headquarters, Reporter Shim Jeong-woo sevenshim@asiae.co.kr

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