Support of 9.6 million won per year to small and medium-sized enterprises employing young people

Starting this year, the employment incentives for young people will be unified into the ‘Youth Job Leap Incentives’. The Ministry of Employment and Labor announced on the 19th that it will receive applications for the ‘Youth Job Leap Incentive’, which provides 9.6 million won per year to small and medium-sized enterprises (SMEs) that hire young people from the 20th.

The target of support is young people who have been unemployed for six consecutive months or have an academic background below high school, or young people who have participated in the national employment support system and established a job hunting plan. After hiring this year, if the job is maintained for more than 6 months, 800,000 won per young person per month is supported for up to one year.

The Ministry of Labor explained, “In order to reflect the recent recovery of youth employment and to support young people with more stable, high-quality jobs, the requirements and level of support have been reasonably adjusted.” Businesses with five or more employees are eligible for support, but businesses that foster key industries in metropolitan governments or in areas with an employment crisis are eligible for support even if fewer than five employees are employed. A maximum of 30 people per company is allowed. In the metropolitan area, 50% of the number of insured by employment insurance is provided, and in rural areas, 100% of the number of insured is supported. The total amount of support is 140,000 people, and it may be exhausted early depending on the budget situation.

Labor Minister Ahn Gyeong-deok said, “There are still many young people who do not feel the recovery of youth employment, such as long-term job seekers or young people who have given up on finding a job.”

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