Monday, March 9, 2009

Self-employed Likely to Get Unemployment Benefits

Mom-and-pop store owners who go out of business will likely be eligible for unemployment benefits or job training incentives. The Strategy and Budget Ministry and the Labor Ministry said yesterday that employment insurance law will undergo revision before the end of June in the wake of the rising number of small business owners going under amid the economic recession.

A finance official said the Strategy and Finance Ministry has considered allowing small business owners to be eligible for
unemployment insurance, but is now discussing with the Labor Ministry advancing implementation due to the economic crisis. Unemployment insurance gives money to workers who have lost their jobs for a certain period of time and offers incentives for those who take job training.

The government is considering giving choices to small business owners to join the unemployment insurance system, but will limit it to those who run a business employing less than five workers. In addition, the state contribution to regional credit insurance funds will rise to offer low-interest loans to unregistered business owners running street stalls.

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