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The Busan Metropolitan City (Mayor Park Heong-joon) Launches “Employment Transition Promotion Program for Closed Small Business Owners”

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The Busan Metropolitan City (Mayor Park Heong-joon), in cooperation with the Busan Economic Promotion Agency (Director Song Bok-cheol), announced the official launch of the Employment Transition Promotion Program for Closed Small Business Owners starting June 11.

This program is designed to support small business owners who have lost income stability due to ongoing economic hardship after the COVID-19 pandemic by assisting them in transitioning into employment through early-stage support.

Funded by the city's first supplementary budget for 2025, the program will be operated by the Busan Job Integration Center under the Promotion Agency.

Eligible participants include:

• ●Individuals who closed their businesses after January 2020 and were employed after January 2025

• ●Employers who have hired such individuals

Key Program Components:

• 1.Asset-Building Matching Savings Program ("Hope Twice Savings Account")
  For closed small business owners newly employed as wage workers, this program helps them build financial stability:

  ▪ Applications begin June 11 via the Busan Job Portal
  ▪ A total of 200 participants will be accepted on a first-come, first-served basis

• ○Applicants deposit KRW 300,000 per month for 6 months

• ○The city matches the amount, doubling the savings

• ○Upon completion and continuous employment for 6 months, participants receive up to KRW 3.6 million

2. Employment Incentive Program for Hiring Companies

This program provides financial incentives to employers who hire and retain individuals whose businesses closed after 2020:

▪ Target: 200 hires in total
▪ Application Period: June 11 – July 31, 2025 (may close early upon quota or budget exhaustion)
▪ Companies must register through the Busan Job Portal

• ○KRW 600,000 per employee (KRW 100,000/month for 6 months)

• ○Employers may apply for up to 5 employees

• ○Maximum support per company: KRW 3 million

For full program details and to apply, please refer to the notices on the Busan Job Portal or contact the Busan Economic Promotion Agency at
☎ 051-888-6902, 6904, 6846

To further promote the program and expand impact, the city will operate a dedicated booth at the 2025 Busan Job Fair scheduled for October.
This booth will promote the program, showcase outcomes, and collaborate with related agencies to host a Mini Job Fair specifically for former small business owners.

Kim Bong-cheol, Director General of the City’s Digital Economy Bureau, stated:

“With persistently high interest rates, inflation, exchange rate volatility, and global economic challenges, more small business closures are being recorded than ever before.
This is the right time to turn the risks faced by these citizens into opportunities.
Through this program, we aim to provide meaningful employment pathways and practical support so that both citizens and businesses can thrive together again.”

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Attachment: Poster