1) Subsidy for Employment of Older Workers

Eligibility Requirements
①         Preferred Support Enterprises, medium-sized companies, and social enterprises that have maintained employment insurance coverage for at least one year prior to the first quarter of subsidy application. Administrative agencies, public institutions, and local public enterprises are excluded.
② The average number of elderly employees (aged 60 and older, employed for more than one year) during the quarter of subsidy application must increase compared to the average number of elderly employees over the past three years before the first application quarter.

Support Level
Subsidy = (Number of eligible elderly employees per quarter) × KRW 300,000 per quarter, for a maximum of two years.
Number of eligible elderly employees = (Average number of elderly employees in the quarter of application) – (Average number of elderly employees during the previous 3 years).
Support limit: Up to 30% of the average number of insured workers per quarter, with a maximum of 30 employees; for workplaces with fewer than 10 insured workers, up to 3 employees.

Application Procedure
Applications must be submitted via Work24 (www.work24.go.kr) within one year from the month following the end of the relevant quarter.
 For the first application, submission must be made during the application period specified in the official announcement.

Exclusions from Support
① The spouse or lineal ascendants/descendants of the employer (or of the representative director in the case of a corporation)
② Foreign nationals without Korean citizenship
③ Employees earning less than the statutory minimum wage
④ Employees on unpaid leave or for whom no wages were paid during the month

2) Continued Employment Subsidy for Older Workers
Eligibility Requirements
(Employer Requirements)
Preferred Support Enterprises, medium-sized companies, and social enterprises that have operated a mandatory retirement system for at least one year and have introduced one of the following systems to extend employment of employees who reach the retirement age:
 Administrative agencies, public institutions, local public enterprises, and companies with more than 30% of insured workers aged 60 or older are excluded.
 ① Extension of retirement age by at least one year
 ② Abolition of retirement age
 ③ Re-employment system: maintaining the current retirement age but continuing employment or rehiring employees who reached retirement age within six months and signing a new employment contract of at least one year.
(Employee Requirements)
① The employee must reach the retirement age within five years from the start date of the continued employment system.
② The employee must be continuously employed under the continued employment measure implemented according to the system.

Support Level
Amount: KRW 300,000 per month per employee who continues to work after reaching retirement age.
Support limit: Up to 30% of the average number of insured employees per quarter, maximum 30 employees; for workplaces with fewer than 10 insured workers, up to 3 employees.
Support Period: Up to three years for employees who reach retirement age within five years from the start date of the continued employment system (effective January 1, 2020 or later).
(Start date refers to the date the continued employment system officially begins as specified in the work rules or collective agreement.)

Application Procedure
Applications must be submitted via Work24 (www.work24.go.kr) within one year from the month following the end of each quarter.

Exclusions from Support
① The spouse or lineal ascendants/descendants of the employer (or of the representative director, if the employer is a corporation).
② Foreign nationals who do not possess Korean citizenship.
③ Employees whose average monthly wage is less than KRW 1.21 million under the Employment Insurance and Industrial Accident Compensation Insurance Premium Collection Act.
④ Employees whose total insured employment period at the workplace before reaching retirement age is less than two consecutive years.