Korea Federation of SMEs: "Yellow Umbrella Will Collaborate with Financial Institutions to Alleviate Small Business Owners' Difficulties"

"2025 Yellow Umbrella Development Contributors Workshop" Held

The Korea Federation of SMEs announced on the 23rd that it held the "2025 Yellow Umbrella Development Contributors Workshop."

This workshop, held over three days and two nights in Jeju from October 22 to 24, was organized to recognize employees of financial institutions who have contributed to expanding Yellow Umbrella membership and developing the system. More than 200 employees in charge of Yellow Umbrella at a total of 14 financial institutions, including NongHyup Bank and Shinhan Bank, attended the event.

The workshop featured a meeting to share the current status of Yellow Umbrella system improvements by the Federation and to gather suggestions. There was also a session to enhance participants' work capabilities by sharing outstanding customer service cases and sales know-how.

At the Yellow Umbrella Contributors Awards Ceremony, a total of 20 employees from financial institutions with outstanding Yellow Umbrella membership performance received the Minister of SMEs and Startups Award, while 8 public mutual aid consultants, subscription review, and customer center employees were recognized with the President of the Korea Federation of SMEs Award.

Lee Changho, Head of the Mutual Aid Business Division at the Korea Federation of SMEs, stated, "Although financial institutions play a significant role in expanding Yellow Umbrella membership, which serves as a social safety net for small business owners, their efforts in inclusive finance do not seem to be properly recognized," adding, "We will actively work to develop support programs for small business owners in cooperation with financial institutions and strengthen the system to help alleviate the difficulties faced by small business owners."

Launched in 2007, Yellow Umbrella is a retirement savings system designed to help small businesses and self-employed individuals overcome economic crises such as business closure or old age. It offers up to 6 million won in annual income tax deductions, loan support within the accumulated savings, and stable business recovery through compound annual interest. The cumulative number of subscribers has reached 3.17 million, with more than 50% joining through financial institutions. Yellow Umbrella membership is available at bank branches nationwide, through public mutual aid consultants, and online.

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