Gyeongbuk Province Supports 40% of Employment and Industrial Accident Insurance Premiums for 2,612 Solo Entrepreneurs

Signed a Business Agreement with the Korea Workers' Compensation and Welfare Service

On the 18th, Gyeongbuk Province signed a business agreement at the Gyeongbuk Provincial Office with the Korea Workers' Compensation & Welfare Service and the Economic Promotion Agency to support social insurance premiums for one-person business owners, aiming to strengthen the social safety net for small business owners in Gyeongbuk amid difficult economic conditions.

Under this agreement, one-person business owners located in Gyeongbuk who are currently enrolled or wish to newly enroll in employment insurance and industrial accident insurance will be able to receive up to 40% support for their employment and industrial accident insurance premiums starting from January.

Gyeongbuk Provincial Government Office.

This is expected to have a significant effect on creating a stable management environment for small business owners by complementing the government's expanded employment insurance premium support policy. The proactive 40% support for industrial accident insurance premiums, implemented ahead of the government, is also expected to contribute to eliminating the social insurance blind spots for small business owners.

Employment insurance subscribers can receive benefits such as unemployment benefits and vocational skill development during business suspension or closure, while industrial accident insurance subscribers can receive insurance benefits, medical expenses, pharmaceutical costs, and rehabilitation treatment support to promote social reintegration in case of industrial accidents.

A Gyeongbuk Province official stated, “There are 2,612 one-person business owners eligible for unemployment benefits and employment insurance support in Gyeongbuk. If they apply through the Korea Workers' Compensation & Welfare Service, Gyeongbuk Province will support 40%. The average support amount per person is known to be 11,000 KRW for industrial accident insurance and 21,000 KRW for employment insurance.”

In addition, Gyeongbuk Province is also promoting support for the Small Business Yellow Umbrella Mutual Aid Association’s mutual aid fees to stabilize the livelihoods and management of small business owners struggling with high inflation.

The Yellow Umbrella Mutual Aid Association is a system that accumulates funds with compound interest annually for small business owners facing uncertainties such as business closure, death, or old age, providing 20,000 KRW per month for the first year after initial enrollment.

This program has received high enthusiasm from small business owners and closes early, so those wishing to receive support funds should apply promptly.

Lee Dal-hee, Deputy Governor for Economy of Gyeongbuk Province, said, “Small business owners are the roots of Gyeongbuk’s economy and the foundation of the livelihood economy. We will enhance the competitiveness of small business owners to revitalize the regional economy. We promise unwavering support so that small business owners, who are at the forefront of the local economy and facing difficulties due to prolonged economic slowdown, can stay strong. We plan to implement bold policies in cooperation with departments and related organizations for a happy Gyeongbuk Province for its residents.”

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