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Video Description

Type: KIHASA RESEARCH ON

Topic: Understanding the Employment Retention Program

Based on the research report: International Comparison of COVID-19 Impact and Policy Responses ？ Germany, the United Kingdom, Norway, the United States, and South Korea (Kim Hyeon-kyeong)
https://repository.kihasa.re.kr/handle/201002/47670

Transcript:

Have you heard of the Employment Retention Program?

The Employment Retention Program is a government initiative designed to help companies retain workers during economic downturns, rather than laying them off. During the global crisis caused by the COVID-19 pandemic, countries around the world implemented employment retention measures to mitigate the impact on the labor market.

Germany stands out with its Kurzbabeit program, a reduced-work-hour scheme that helped alleviate the shock to the job market. Under this program, the German government provided workers with allowances covering more than 60% of their income lost due to reduced working hours for up to 24 months, helping them maintain their jobs and offset income losses, particularly among low-wage workers.

The United Kingdom introduced the Coronavirus Job Retention Scheme (CJRS), which provided subsidies to employers to help them retain employees on furlough by continuing to pay their wages. The scheme proved especially effective for the in-person service sector, which suffered heavily during the pandemic, and for small businesses with limited financial resources. It helped prevent widespread job losses across the country.

What employment retention policies were implemented in Korea in response to the pandemic, and how effective were they?

For more information, see the research report by KIHASA.