The Korea Herald


[Monitor] Govt. looks into status of self-employed Koreans

By Korea Herald

Published : Oct. 9, 2020 - 16:01

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According to a survey of self-employed people who went out of business this spring and participated in a state-sponsored recovery program, it took them an average of 6.4 months to go bankrupt from the initiation of their entrepreneurship.

The survey by Small Enterprise and Market Service looked at 400 self-employed people whose businesses had failed between April 20 and April 29, and was released by Rep. Ku Ja-keun on Thursday.

Upon bankcruptcy, these self-employed people on average had an outstanding debt of 40.3 million won ($34,700).