Busan City Launches New '4050 Employment Promotion Support Project'

Retention of Employment for 6 Months After Regular Employment, Incentives for Hiring Companies

760,000 KRW per Person per Month, Up to 4,560,000 KRW, Maximum 5 Employees per Company

Busan City has newly established and is promoting the ‘4050 Employment Promotion Support Project.’

Guide to the 4050 Employment Promotion Support Project.

This project was created to strengthen the backbone of Busan’s economy by providing regular employment opportunities to the core economic age group of people in their 40s and 50s, and to promote the joint growth of small and medium-sized enterprises (SMEs) and mid-sized companies in Busan in connection with this.

The project offers incentives to hiring companies that maintain employment for six months after hiring new job seekers in their 40s and 50s as regular employees.

The incentives include employer contributions to the four major social insurances, research and development expenses, promotional costs, and indirect labor costs. Support is provided at 760,000 KRW per month per hired person, up to a maximum of 4,560,000 KRW, and up to five employees per company can be supported.

Eligibility to apply includes SMEs and mid-sized companies located in Busan with at least five insured employees, Busan-certified companies, companies in industries corresponding to the city’s strategic industries, and manufacturing SMEs located in Busan’s industrial complexes.

Applications can be submitted online through the ‘Busan Employers Federation website’ from the 21st until 6 p.m. on April 5th.

After the application period ends, a selection committee will be held for the applying companies to select the supported companies, and a business agreement will be signed with the selected companies.

Detailed eligibility and other information can be found in the recruitment announcement posted on the Busan Employers Federation website.

Shin Chang-ho, Director of the Digital Economy Innovation Office of Busan City, said, “This project aims to create quality jobs and stabilize employment for people in their 40s and 50s, who are the backbone of Busan’s economy. We ask for the active interest and participation of many SMEs and mid-sized companies in Busan, and our city will continue to implement various policies to create jobs for people in their 40s and 50s.”

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