Incheon City to Provide 3.6 Million Won per Year to Small and Medium Manufacturers Hiring Retired Workers

On February 4, Incheon City announced that it will provide an incentive of 3.6 million won per person per year to small and medium-sized manufacturing companies that employ workers who have reached the mandatory retirement age.

The support is available to small and medium-sized enterprises in the manufacturing sector that either extend the employment of Incheon citizens aged 60 or older for at least two years or newly hire them. Each company can receive support for up to 10 workers within 10% of the number of employees enrolled in employment insurance, while businesses with fewer than 10 workers can receive support for up to 2 workers.

In particular, this year the city plans to prioritize four types of companies: newly participating companies, companies in the root industry sector, companies with fewer than 10 regular workers, and companies that employ female workers aged 60 or older, so that the policy impact can be clearly felt in the field.

Workers are processing steel plates at a steel manufacturing plant in the Namdong Industrial Complex. Provided by Incheon City

This project was established not only to ease labor shortages and strengthen competitiveness by subsidizing labor costs for small and medium-sized enterprises that employ highly skilled workers with extensive on-site experience, but also to enable workers to continue using their accumulated experience and skills even after reaching the mandatory retirement age.

Companies wishing to receive support must apply through the Incheon SME Support Portal (bizok.incheon.go.kr) by the 26th.

An Incheon City official said, "For small and medium-sized enterprises, this will provide a foundation for securing proven skilled workers in a stable manner, and for workers, it will serve as a basis for continuing stable income even after retirement," adding, "We will focus support on companies with high on-site demand so that it can provide practical help to both companies and workers."

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