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Are you finding it increasingly difficult to keep your company afloat as your sales decline, your inventory piles up much higher than before, and production decreases significantly? However, did you feel bad about letting go of the employees who had been with you so you decided to reduce working hours or temporarily put some of the existing workforce on leave?
If you are determined to maintain employment without layoffs even if you change the work system, whether paid or unpaid, you can receive help from the government. This is a government benefit that can be enjoyed by companies that decide to take responsibility and not let go of the employees they hired despite difficult circumstances.
The government is providing employment maintenance subsidies to companies that decide to maintain employment without reducing staff despite financial difficulties. The conditions and benefits of this subsidy vary slightly depending on the company’s actions. Today, at SaveTax, we will explain the specific conditions, support details, and procedures of the paid and unpaid employment maintenance subsidy in an easy-to-understand manner.
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The employment maintenance subsidy is a system that provides partial support for labor costs to companies that have had to adjust employment due to business difficulties but take measures to maintain employment by taking measures such as suspension or leave of absence without reducing the number of employees.
But the words don’t make sense to you, do you? Simply put, you can apply for employment maintenance support if you meet the two conditions below.
To receive employment maintenance subsidies, the company must first prove that employment adjustment is unavoidable. To do this, a company must have a certain decrease in production or sales or an increase in inventory above a certain level.
Here, the standards vary depending on whether the suspension or leave of absence is paid or unpaid. For detailed criteria, please refer to the details of each paid and unpaid employment maintenance subsidy below.
The company must take measures to maintain employment through suspension or leave without reducing the number of employees. First, let me explain the meaning of closure and leave of absence.
Now, let’s look at more specific conditions, support details, and procedures depending on whether it is paid or unpaid.
To apply for a paid employment maintenance subsidy, one of the following must apply to be considered to be in a situation where employment adjustment is unavoidable.
One of the following employment maintenance measures must be implemented:
After implementing measures to maintain paid employment, if you plan to take unpaid leave or leave (employment maintenance measures) without paying suspension or leave allowances, you can receive support for a portion of your labor costs.
The standards for the unpaid employment maintenance subsidy seem to be similar to those of the paid employment maintenance subsidy. First, you must fall into one of the following cases to be considered to be in a situation where employment adjustment is unavoidable and to apply for a subsidy.
This applies to cases in which, due to difficult corporate circumstances, temporary or leave allowances cannot be provided or are scheduled to be reduced to less than 50% even if employment is maintained.
There are continuing employment obligations that must be met in order to receive the Employment Retention Grant. To receive subsidy support, all insured persons in the business must continue to be employed.
Isn’t that obvious? You must also carefully check the mandatory period of continued employment to avoid mistakes. The period of continuous employment obligation (employment adjustment restrictions) runs from the first day of employment maintenance measures to the end date and one month thereafter.
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The items below are not eligible for employment maintenance subsidies.
If you are experiencing financial difficulties, you also need to carefully consider tax issues. Not only do you need to check to see if there are any taxes being paid unnecessarily, but you also need to check to see if you have already met the requirements and been able to receive tax reductions or deductions, but haven’t been able to apply them and paid more because you didn’t know about them.
Especially with regard to employment, there are systems that can save a considerable amount of tax, such as the employment increase tax credit. If you are eligible for the deduction but missed it, you can request a correction to receive a refund and use it as a means of overcoming financial difficulties.
Rectification claim is a system that allows you to receive a partial refund of taxes already paid by applying benefits missed during the last 5 years of taxation. If you have started a business within the past 5 years, hired new employees, or converted employees to full-time employees, your chances of receiving a refund are even higher.
You’re already using a tax accountant, so that won’t happen? Tax laws change frequently, and many tax accountants are overworked. There is not enough time to thoroughly plan the most optimal tax savings for each customer. This is why there is a separate tax accountant specializing in rectification claims.
Hidden Money, operated by SaveTax, uses certified public accountants specializing in correction claims to demonstrate their unrivaled expertise and utilizes an AI system to find every nook and cranny of the tax you paid. First, try checking your expected refund amount for free using Kakao Simple Authentication.
