The Seoul Metropolitan Government (SMG) announced to provide up to KRW 200 million in employment subsidies per enterprise backed by foreign direct investment (FDI) to bolster the city’s eight major new growth engine industries: biomedicine, business service, digital content; fashion and design, finance; green environment, IT convergence, and MICE.

According to the subsidy program, eligible enterprises must have hired more than five new employees in 2022 and retain their employment until 2025. The city will provide employment and training subsidies to enterprises that employ a local workforce in order to create an environment in which FDI enterprises can create quality jobs and invest continuously in Korea.

Eligible are enterprises that have either invested in one of the city’s eight new growth engine industries or have entered Seoul after signing an MOU with the city. Applications to this subsidy program are accepted for one month from Mon, Mar. 13 to Wed, Apr. 12. The city will prioritize new applicants and startups (within 7 years of establishment).

However, applying enterprises must have a FDI ratio of 30% or more and must have hired new employees or conducted employee training within five years from the date of initial investment or increased investment.

The city will provide employment subsidies based on the condition that an FDI enterprise has hired more than five new permanent employees and the subsidy can be applied to the payroll for the sixth employee and thereafter. The city will also provide training subsidies based on the condition that training is conducted after new employment at a vocational education and training institution in accordance with the Vocational Education and Training Promotion Act. In all, enterprises that have hired new employees and completed training can receive subsidies of up to KRW 1 million per employee for up to six months, which sums up to KRW 6 million per employee (up to KRW 200 million per enterprise in total).

Enterprises wishing to apply can visit the SMG Finance & Investment Division by Wed, Apr. 12 or apply via email (201309164@seoul.go.kr) or mail. For other details, visit the official SMG website (www.seoul.go.kr).