Gyeonggi-do Offers Up to 9.6 Million KRW in Labor Cost Support for Hiring Full-Time Workers in Their 50s for Up to One Year

Gyeonggi Province will provide up to 9.6 million KRW in labor cost support for one year to employers who hire unemployed people in their 50s as regular employees to prevent their withdrawal from the labor market.

Gyeonggi Province announced on the 27th that although the Ministry of Employment and Labor abolished the ‘Senior Suitable Job Employment Incentive’ starting this year, the province will introduce the ‘Gyeonggi Province Suitable Job Employment Support Fund,’ which provides up to 9.6 million KRW in labor cost support for up to one year to companies hiring job seekers aged 50 and over, and will recruit companies to participate in this project until May 20.

Gyeonggi Province has allocated a budget of 2.5 billion KRW for this project this year.

Gyeonggi Provincial Government

The Gyeonggi Job Foundation, after conducting research surveys targeting corporate HR managers and gathering opinions from related experts, selected 100 ‘suitable jobs.’ When hiring job seekers aged 50 to 59 as regular employees for these jobs, small and medium-sized enterprises will receive 800,000 KRW per month, and mid-sized companies will receive 400,000 KRW per month, for up to one year in labor cost support.

Suitable jobs include quality control, management support clerks, and transportation equipment mechanics.

A Gyeonggi Province official stated, "The Gyeonggi Province Suitable Job Employment Support Fund project will contribute to alleviating the manpower shortage of small and mid-sized companies in the province and serve as a stepping stone for baby boomers in their 50s in the province to continue economic activities by utilizing their existing careers."

Meanwhile, the population in their 50s accounts for 2.33 million people, or 17.1%, of the total population of Gyeonggi Province.

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