Yellow Umbrella Mutual Aid: Who Qualifies and What You Get
Small business owners can build retirement savings while receiving tax deductions and protection from creditors through this scheme.
The Yellow Umbrella Mutual Aid is a support program designed to help small business owners build up savings for their retirement.
Who it's for
This scheme is specifically for small business owners.
What you get
When you join, you build a retirement fund that provides financial security for your later years. The funds are protected from creditors, meaning they are generally shielded if your business faces legal or financial debt issues. You also receive benefits that reduce your tax burden.
What it costs you
You will need to pay monthly premiums to participate. In return, you can receive tax deductions on your income, with a limit of up to 5 million ₩.
The catch to know
This is intended as a long-term savings plan. If you try to withdraw your money before you actually retire, you will face penalties, unless you are withdrawing for specific, recognized emergencies.
How to apply
- Visit the official online portal.
- Review the eligibility requirements for your specific business type.
- Submit your application and set up your monthly premium payments.