Korea SMEs and Startups Agency (KOSME) and Hyundai Engineering will work together to strengthen safety management capacity at construction sites and support the long-term retention of skilled workers at partner companies.
Korea SMEs and Startups Agency (KOSME) said on the 6th that it will run a "collaborative mutual aid focused on industrial safety and quality" for partner companies in Hyundai Engineering's construction institutional sector and recruit participating corporations through the end of this month.
The program targets safety and quality personnel working at Hyundai Engineering's partner companies with strong safety and quality performance. When employees pay into the mutual aid fund, Korea SMEs and Startups Agency (KOSME) and Hyundai Engineering will cover the performance reward mutual aid contributions that corporations would otherwise bear.
For dedicated personnel handling only safety and quality tasks, if they pay 100,000 won each month into the Tomorrow Filling Mutual Aid, Korea SMEs and Startups Agency (KOSME) will add 100,000 won and Hyundai Engineering will add 240,000 won. At maturity in three years, enrollees can receive the principal of 15.84 million won and compound interest.
For concurrent personnel who handle safety and quality tasks alongside other duties, the preferred savings mutual aid applies. If an employee pays 100,000 won monthly for three years, Korea SMEs and Startups Agency (KOSME) and Hyundai Engineering will each contribute 20,000 won per month, for a total of 40,000 won. The maturity payout is the 5.04 million won in accumulated funds plus compound interest.
The program will support a total of 250 people, including 200 dedicated personnel and 50 concurrent personnel. Hyundai Engineering will review eligibility and select participating corporations and workers, after which Korea SMEs and Startups Agency (KOSME) will finalize the beneficiaries. The program is scheduled to begin next month.
Korea SMEs and Startups Agency (KOSME) and Hyundai Engineering plan to use this program to create conditions for skilled workers at small construction sites to stay on the job long term and to enhance safety and quality management capacity.
The collaborative mutual aid focused on industrial safety and quality is being pursued under a business agreement signed on the 23rd of last month by Korea SMEs and Startups Agency (KOSME) and Hyundai Engineering, and is one of KOSME's "co-prosperity cooperative mutual aid" programs.
Since 2015, Korea SMEs and Startups Agency (KOSME) has partnered with 77 institutions, including local governments, large corporations, and public institutions, to jointly support the contributions of mutual aid–enrolled corporations. To date, 15,227 workers have received support.
Jo Hankyo, head of human capital growth at Korea SMEs and Startups Agency (KOSME), said, "In line with the government's industrial safety policy stance, this is a more important time than ever for the long-term employment of skilled workers at small and medium-sized enterprises who are responsible for on-site safety," adding, "With this mutual aid program, we will support the establishment of a safe working environment and a culture of co-prosperity at construction sites."