Small-Time App Developers Benefit From Recent Social Security Policy.
It’s recent been announced that social security benefits will be enhanced for the self-employed which includes the independent application developers who have begun their very own business based on their technical skills but are financial strapped for cash.
Sometime during May 19th, the Ministry of Strategy and Finance, Financial Service Commission, the Small and Medium Business Administration and other government agencies are going to come up with comprehensive plan to support the self-employed as early as the end of this month.
This new policy was suggested under the consideration of the very fact that many of these self-employed workers tend to go out of business due to the ongoing economic recession and cutthroat competition while there are no sufficient support to measure to protect them.
The government is determined to provide a social safety net to protect the livelihood of the self-employed in case the end up brok or their business is shut down.
This plan was achieved by expanding the existing Durnuri Social Insurance which provides social security benefits covering 50 percent of the employment insurance to those who are self-employed.
If a self-employed is currently running a one-person business and registered with the employment insurance, they must be eligible for receive up to 50 percent of the original income for up to 240 days when they either go bankrupt or out of business.
The application development industy seems to be highly appreciating this policy the most since over more than 60 percent of the entire application development are ran by their own one-man operations. The number of the self-employed application for developers as such has been estimated to be around 2,000 and avaerage montly income for those developers known to vary from 1.3 million won to 11.4 million won.
An app development agency owner said, “One-man app developers are likely to benefit from the new policy, and I don’t see any reason for them not to apply for the employment insurance supported by the government.”