The Korea Federation of Small and Medium Enterprises announced on the 1st that it will launch the "Save the Farmers" promotion as part of the "Yellow Umbrella Value Coexistence Project" to assist farms facing consumer recession.
To promote the consumption of domestic agricultural products, all customers who sign up through the Yellow Umbrella website or app during June will be provided with a coupon worth 35,000 won for Uglyus. Uglyus is an online platform that offers eco-friendly agricultural products that are high quality but ugly, at reasonable prices, reducing agricultural waste and supporting farms in expanding their online sales channels.
The Yellow Umbrella is a retirement fund system that applies compound interest to the amounts paid when small enterprises and small business owners face financial difficulties due to closure, aging, or retirement. As of May, the cumulative number of participants reached 3.07 million.
▲Up to 6 million won annual income deduction ▲Loan support from contributed funds ▲Monthly local government incentive support of 10,000 to 30,000 won (for up to 1 year) ▲3.3% annual compound interest applied upon closure, making it possible to save on taxes and accumulate a substantial fund, establishing it as an essential system for small business owners. Additionally, beneficiaries can access various welfare services including ▲free accident insurance for two years after enrollment ▲management and legal consultations through the management support team ▲support for education and leisure facilities.
Lee Chang-ho, head of the KBIZ insurance business unit, noted that the "Yellow Umbrella Value Coexistence Project" was established to realize social "value" alongside customers, serving as a social safety net for small enterprises and small business owners. He added, "As our first initiative, we planned this promotion to support rural areas that are struggling due to economic downturn and weak consumer spending."
KBIZ plans to continue conveying the social value of the Yellow Umbrella and pursue various social contribution activities through the Yellow Umbrella Value Coexistence Project. Detailed information can be obtained by contacting one of the 34 regional headquarters of the Small and Medium Venture Business Corporation or the policy fund guidance call center.