Durunuri Social Insurance Support: Who Qualifies and What You Get
Small businesses in South Korea can receive significant subsidies on national pension and employment insurance premiums through this scheme.
The Durunuri Social Insurance Support is a program designed to reduce the financial burden of social security costs for small businesses with low-wage employees. By lowering these mandatory costs, the scheme helps small employers maintain stable operations while ensuring their staff remains covered under national protections.
Who it's for
This scheme is specifically designed to support small businesses that employ individuals earning low wages. It focuses on helping smaller enterprises manage the overhead costs associated with mandatory social security contributions. If your business fits the category of a small enterprise and your employees fall within the designated low-wage brackets, you may be eligible for this assistance.
What you get
The primary benefit of this scheme is a significant reduction in insurance costs. Qualifying businesses can receive a subsidy that covers 80% of the required premiums for both National Pension and Employment Insurance. This means the government covers the vast majority of these specific social security costs, leaving the business to pay only a small fraction of the original amount.
What it costs you
There is no upfront fee to enroll in the program. However, to maintain your eligibility and receive the subsidies, you must fulfill administrative duties. Specifically, you are responsible for regular monthly payroll reporting. You will need to ensure that your employee wage data is submitted accurately and on time to ensure the subsidies are applied correctly to your accounts.
The catch to know
Eligibility is not a permanent status that remains the same regardless of how your business grows. The most important thing to monitor is that eligibility criteria are tied to employee salary caps. If your employees' wages increase beyond the set limits, or if the government adjusts these salary thresholds, your business may no longer qualify for the 80% subsidy.
How to apply
- Review your current employee payroll to ensure wages fall within the qualifying low-wage limits.
- Confirm that your business meets the small business definition used by the issuing service.
- Prepare the necessary payroll documentation required for the application.
- Submit your formal request through the official service portal.