The Ministry of Health and Welfare is launching the ‘2025 Senior-Friendly Business Competition’ to expand job creation for the elderly by utilizing their experience and capabilities. Selected companies will receive up to 300 million won in business funds, along with benefits such as growth support consulting, market development assistance, and additional points in government bidding.
Senior-friendly businesses are companies that employ a significant number of elderly persons aged 60 or older, which have been designated by the Ministry of Health and Welfare since 2011. 426 companies have been selected until 2024, and starting this year, with the implementation of the ‘Act on Support for Jobs and Social Activities for the Elderly,’ senior-friendly businesses will be operated under two categories.
Senior employment companies are newly established businesses aimed at employing multiple elderly persons (5 or more). Non-profit corporations and cooperatives that start businesses employing seniors aged 60 or older are eligible for support.
Senior-friendly companies and institutions refer to existing businesses that maintain at least 5% of their regular workforce (minimum 5 people) as elderly employees and plan to hire additional senior workers. Public institutions, non-profit corporations, and cooperatives are eligible to apply.
The Ministry of Health and Welfare will evaluate the business execution capabilities of applying companies on-site, and make final selections based on comprehensive reviews of business content, operational capabilities, and budget appropriateness. Starting this year, the administrative burden has been reduced as the Administrative Information Sharing System can be used for submitting documents such as business registration certificates, financial statements, and tax payment certificates.
The first round of applications for 2025 will be accepted from February 14 to March 31, with a second round following in the second quarter. Interested companies can submit their documents through the Business Support Division of the Korea Labor Force Development Institute for the Aged. Additionally, companies can participate after consulting with regional business consultants through the senior-friendly business representative phone line (1833-7128).
Lim Eul-gi, Director of Senior Policy at the Ministry of Health and Welfare, stated, “Senior-friendly businesses are important projects that help the elderly spend their later years productively and actively by utilizing their experience and abilities,” and added, “We look forward to active participation from various organizations including public institutions, local governments, and private companies.”
Detailed information about senior-friendly business applications can be found on the websites of the Ministry of Health and Welfare (www.mohw.go.kr) and the Korea Labor Force Development Institute for the Aged (www.kordi.or.kr).