Korea Federation of SMEs honors 25 financial workers for expanding Yellow Umbrella enrollment

More than half of new Yellow Umbrella enrollments this year came through financial institutions, with the share rising to 53.4%. The Korea Federation of SMEs presented Ministry of SMEs and Startups minister commendations to 25 financial institution employees who contributed to expanding enrollment in the mutual aid program.

The Korea Federation of SMEs said Thursday it was holding the "2026 Yellow Umbrella Development Workshop" in Jeju from Wednesday through Friday. About 190 employees from 13 financial institutions handling Yellow Umbrella accounts — including Hana Bank and Nonghyup Bank — attended the event.

According to the federation, new Yellow Umbrella enrollments from January through October this year totaled 226,119. Of those, 120,727 — or 53.4% — came through financial institutions.

The share of new enrollments through financial institutions rose from 47.1% in 2023 and 46.4% in 2024 to 51.9% last year, and climbed a further 1.5 percentage points through October this year. It marked the second consecutive year the financial institution share exceeded 50 percent.

The number of enrollments through financial institutions also increased, from 114,357 in 2023 and 112,970 in 2024 to 138,865 last year. The figure reached 120,727 through October this year.

At the workshop, 25 financial institution employees with outstanding enrollment records received the minister commendations. Participants discussed the current state of Yellow Umbrella system improvements and proposals for reform, and shared customer service cases and sales know-how across institutions.

Heo Tae-gyun, a psychology professor at Korea University, delivered a special lecture titled "Why are we like this? The choices of Koreans who shaped the Republic of Korea."

Launched in 2007, Yellow Umbrella is a mutual aid program designed to help owners of small businesses and micro-enterprises build savings to prepare for business closure or retirement. It currently has about 1.92 million enrolled members and offers benefits including an annual income deduction of up to 6 million won ($4,470), mutual aid contract loans and compound interest calculated annually.

Oh Gi-ung, standing vice chairman of the Korea Federation of SMEs, said the program's growth into a leading social safety net for small business owners and micro-entrepreneurs was made possible by the hard work of financial institution employees on the ground. "We will continue to push for system improvements and the expansion of the social safety net," Oh said.