Incheon City Provides Employment Subsidies to Domestic and Foreign Investment Companies... Up to 3 Million KRW Per Person

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 23rd that it will provide employment subsidies to domestic and foreign investment companies that newly hired workers last year.

The subsidy aims to support the creation of quality jobs and improve the investment environment for companies, providing up to 500,000 KRW per regular employee for a maximum of 6 months.

Since the foreign investment tax exemption was abolished in 2019 and a global investment contraction is anticipated, the city decided to provide subsidies to improve investment sentiment and create a business-friendly environment.

For domestic companies attracted by the city, the subsidy applies to headquarters, factories, research institutes, and training centers relocated from outside the jurisdiction to within Incheon City. The number of newly hired employees in the last year must exceed the previous year by more than 30 to qualify for the subsidy.

For foreign-invested companies, the company must be located in Incheon City, have a foreign investment ratio of 30% or more, and be within 5 years of foreign investment registration. The number of newly hired employees in the last year must exceed the previous year by more than 20 to qualify.

Applications for the employment subsidy are open until the 24th of next month, and the eligibility and amount of payment will be finalized through the Incheon City Investment Attraction Planning Committee.

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