Small Business Owners Affected by Floods to Receive 'Noran Usan Gongjeum'... Interim Settlement Also Planned

Announcement of the 'Noran Usan Gongje Development Plan' on the 19th

If you experience natural disasters or illness and injury, you can receive compensation from the Yellow Umbrella Mutual Aid and also make interim settlements.

The Ministry of SMEs and Startups and the Korea Federation of SMEs announced the "Yellow Umbrella Mutual Aid Development Plan" on the 19th.

According to the plan, in addition to the four mutual aid reasons of "business closure, retirement, old age, death," four new reasons?"natural disasters, social disasters, illness and injury, rehabilitation and bankruptcy"?will be added. In particular, for the four newly established mutual aid items to overcome temporary liquidity crises, it will be reviewed to allow interim settlements and continued membership when such reasons occur.

A low-interest business stabilization loan of 45 billion KRW will be newly established, and interest-free loans will be added to address the urgent funding needs of small business owners. In times of crisis, support will be provided through policy insurance, and comprehensive support will be expanded, including applying a fast-track re-start support program for small business owners who have received business closure mutual aid payments.

Efforts will also be made to provide welfare at the level of large corporations. A dedicated welfare card tailored to the business activities of small business owners will be introduced, and a Welfare Plaza for welfare and community activities such as leisure, sports, exchange, and cooperation among members will be created and operated. Memberships for recreational facilities for rest and recharging will be expanded, and the collection of members’ opinions and system improvements will be strengthened through 13 regional Customer Rights Protection Committees.

To create a stable and robust mutual aid fund through asset management, operational innovation will be pursued. The proportion of alternative investments will be expanded from 28% this year to 35% by 2025 to improve mutual aid returns. The target return rate has also been raised from the existing 3.6% this year to 4.2%, with a goal of increasing it to 5% by 2027. To this end, operational personnel will be gradually expanded, member expertise enhanced, and the operational organization reorganized by function to strengthen the management team.

To guarantee members’ satisfaction, operational information such as the status of mutual aid reserves by member will be made available for continuous checking. The My Page function through the website or application will be enhanced, and personalized welfare recommendations and semiannual personal asset management portfolios will be provided.

Oh Ki-woong, Vice Minister of the Ministry of SMEs and Startups, emphasized, "This plan is a field-oriented measure created together with the Korea Federation of SMEs, members, and experts, and it is significant in that it is a comprehensive measure to support safety nets, benefits, and welfare beyond the limited role focused on mutual aid. We plan to work as one team with the Korea Federation of SMEs to carry out the tasks without delay."

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