Yeonggwang-gun to Implement 'Noran Usan Gongje Hope Incentive' Starting Next Month

[Yeonggwang=Asia Economy Honam Reporting Headquarters Reporter Lee Jeonseong] Yeonggwang-gun, Jeollanam-do (Governor Kim Junsung) announced on the 29th that starting next month, it will implement the ‘Yellow Umbrella Mutual Aid Hope Incentive Support Project’ to ensure the livelihood stability of small business owners in the area who face threats to their livelihood due to business closure or old age.

The ‘Yellow Umbrella Mutual Aid’ is operated by the Korea Federation of SMEs, allowing participants to save from 50,000 KRW up to 1,000,000 KRW monthly, and in the event of payment reasons such as business closure, old age, or death, the accumulated amount is paid as a lump sum with compound interest applied annually.

This system aims to expand the social safety net by providing livelihood stability and opportunities for business recovery to small business owners who are in the blind spots of social security policies and face livelihood insecurity due to business failure or closure.

The target for the Hope Incentive Support is small business owners in the area with annual sales of 400 million KRW or less who newly subscribe after January this year. They will receive a separate hope incentive of 10,000 KRW per month for up to 24 months in addition to the mutual aid savings, which will be paid with compound interest at maturity.

Applications can be made by accessing the Yellow Umbrella Mutual Aid website or the county office website, and subscription consultation inquiries can be made to the Gwangju-Jeonnam Regional Headquarters of the Korea Federation of SMEs.

Governor Kim Junsung said, “I hope that the Hope Incentive Support will help small business owners who are struggling due to COVID-19 to prepare for old age and build a livelihood safety net, even if just a little. We will not spare support for small business owners, so I ask everyone to work together to overcome these difficult times.”

Meanwhile, the Jeollanam-do Hope Incentive, which has been in effect since July 2019, provides small business owners with annual sales of 300 million KRW or less with 20,000 KRW per month for up to 12 months. Therefore, new subscribers can receive up to 30,000 KRW per month, totaling up to 480,000 KRW in support.

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