Incheon City Provides 300,000 KRW Monthly Support to SMEs Hiring Retired Workers

Incheon City announced on the 15th that it will provide an incentive of 300,000 KRW per person per month to small and medium-sized enterprises (SMEs) in the manufacturing sector that rehire or newly hire retired workers.

The support targets SMEs that have rehired or newly hired retired workers aged 60 to 64 (born between 1959 and 1963) for more than two years. A total budget of 700 million KRW will be allocated this year.

Support is available for up to 10 employees within 10% of the number of employees enrolled in employment insurance per company, and for workplaces with fewer than 10 employees, support is available for up to 2 employees. Once selected as a supported company, the working status of the employees will be checked every three months before the subsidy is paid.

Companies wishing to apply for support can do so through the Incheon SME Support Portal (BizOK).

Since its implementation in 2019, Incheon City has helped 1,498 retired workers return to the workplace by last year, contributing to the livelihood stability of middle-aged and older workers and alleviating manpower shortages in SMEs in the manufacturing sector.

An official from Incheon City stated, "In the situation where manpower shortages in domestic SMEs are intensifying, we will implement support measures so that middle-aged and older workers with accumulated experience and know-how in the manufacturing sector can directly contribute to resolving manpower shortages and also expect employment stability."

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