Gov't Expands Job Security Funds for Small Biz Owners

Write : 2018-08-22 18:51:02 Update : 2018-08-22 19:39:07

Gov't Expands Job Security Funds for Small Biz Owners

Local companies with less than five employees will be eligible to receive a monthly job allowance fund of 150-thousand won for every worker. 

This comes as part of measures announced by the government and the ruling Democratic Party announced on Wednesday to cushion small business owners against minimum wage hikes. 

Currently, such small companies receive 130-thousand won per employee every month from the government’s job security funds as long as the employee's monthly wage is less than one-point-nine million won. 

Recipients of the job security funds are currently restricted to companies with less than 30 employees, but the government plans to expand the scope of its beneficiaries to companies that hire up to 300 employees. 

Earlier, the government made advance notice of a plan to increase the benefits of the job security funds to part-timers who work 40 hours per week or less.

[Photo : YONHAP News]

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