Ministry of SMEs and Startups Launches Full-Scale Employment Insurance Premium Support Program for Small Business Owners
Strengthening the Social Safety Net for Small Business Owners
The Ministry of SMEs and Startups announced on the 29th that it will implement the 'Small Business Employment Insurance Premium Support Project' to promote employment insurance enrollment and strengthen the social safety net for small business owners.
Employment insurance for self-employed individuals is a system that provides up to 7 months of unemployment benefits, vocational training expenses, and training incentives if a business owner with fewer than 50 employees closes their business due to reasons such as a decrease in sales. To alleviate the burden of employment insurance premiums on small business owners, the Ministry of SMEs and Startups will support up to 80% of the employment insurance premiums for five years. This project will be implemented starting January 2, 2025.
Additionally, from 2025, small business owners who have enrolled in self-employed employment insurance and apply for small business policy funds or the Hope Return Package (business reactivation) support project will receive preferential treatment such as a 0.1 percentage point interest rate reduction and a 3-point bonus in document evaluation.
Small business owners who wish to apply for both self-employed employment insurance enrollment and employment insurance premium support can handle the process in one stop through the Korea Workers' Compensation & Welfare Service's 'Employment and Industrial Accident Insurance Total Service' website. Those who are already enrolled in employment insurance and only want to receive premium support can apply through the 'Small Business 24' website.
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Hwang Young-ho, head of the Small Business COVID-19 Recovery Support Group at the Ministry of SMEs and Startups, said, “Employment insurance is expected to serve as a reliable support for small business owners struggling with management crises such as business closure,” and added, “We will make further efforts to expand the social safety net for small business owners.”
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