Korea Federation of Micro Enterprises: "Expansion of Employment Insurance Premium Support for the Self-Employed...A Pillar for Small Business Owners"

Request for Simplification of Administrative Procedures
and Enhanced Publicity

The small business community has welcomed the Ministry of SMEs and Startups' plan to expand employment insurance premium support for self-employed individuals, calling it "a groundbreaking milestone that strengthens the social safety net for small business owners."

A store in Jung-gu, Daegu is being demolished. The Asia Business Daily Database

On May 15, the Korea Federation of Micro Enterprises stated in an official commentary, "Employment insurance premium support for the self-employed has been expanded to up to 80%, and in some regions, with cooperation from local governments, support can reach up to 100%. This will serve as a substantial support for small business owners facing the fear of closure."

The federation continued, "With the participation of South Chungcheong Province, small business owners in all 17 metropolitan cities and provinces nationwide can now receive overlapping support from both central and local governments. This is expected to significantly address blind spots in support. We also highly appreciate that by providing insurance premium support for up to five years, small business owners are encouraged to have at least a minimum safety net, such as unemployment benefits and vocational training, in case of closure."

The Korea Federation of Micro Enterprises plans to request simplification of administrative procedures and enhanced publicity to ensure that this policy is implemented smoothly in the field. In addition, the federation will also call for improvements in the employment insurance system, such as reducing the insurance premium rate, which is currently more than double that of employees, and strengthening maternity and parental leave policies.

Song Chiyoung, President of the Korea Federation of Micro Enterprises, stated, "As a legally recognized economic organization representing small business owners, we will actively promote this initiative," adding, "In line with the government’s policy to strengthen the social safety net, we will do our utmost to protect the rights and interests of small business owners."

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