Chungnam Extends Social Insurance Support for Small Business Owners by 1 Year

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province will extend its support for social insurance premiums for local small business owners by one year.

According to the province on the 19th, the social insurance premium support project was introduced in 2019 to stabilize the management of small business owners and the employment of workers. The initial support period was set for three years.

However, considering the prolonged COVID-19 pandemic and the worsening management difficulties faced by small business owners, the province explained that the support period will be extended by one year until this year.

To this end, the province signed an agreement on the 28th of last month with 15 cities and counties to expand the 'Chungnam-type Social Insurance Premium Support,' laying the groundwork for the extension of the support period.

The social insurance premium support targets workplaces with fewer than 10 employees in the province, supporting the employer's share of the four major social insurance premiums?employment and industrial accident insurance, national pension, and health insurance?for workers whose average monthly wage is less than 2.3 million KRW.

To receive social insurance premium support, applicants must have been receiving support from the Durunuri project of the Korea Workers' Compensation and Welfare Service and the National Pension Service prior to application.

Applications for support can be made through the administrative welfare centers in the workplace's town, township, or neighborhood by the 13th of next month. However, in Cheonan, applications are only accepted at Cheonan City Hall and Dongnam-gu Office, and in Asan, Gyeryong, and Cheongyang, only at the city or county offices.

The support funds are paid quarterly after the business owner pays the monthly insurance premiums and applies for reimbursement.

Song Mu-kyung, head of the Economic Small Business Division of the province, said, "We hope that the social insurance premium support will help small business owners, whose sales have been declining due to the prolonged COVID-19 pandemic, to recover their self-sustainability," and added, "We urge eligible small business owners to complete their applications within the deadline to receive support."

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