The Ministry of Science and ICT's Postal Service said on Saturday it is running a New Year promotion for joining the "Yellow Umbrella" scheme.

Yellow Umbrella, operated by the Korea Federation of SMEs, pays out a certain amount in a lump sum or in instalments when subscribers who have regularly paid a set amount face bankruptcy or have difficulty maintaining normal economic activity due to death or illness. The Postal Service has sold Yellow Umbrella through post offices nationwide since 2013.

Through the end of April, the Postal Service will draw 500 winners from among microenterprise and small merchant owners who newly join Yellow Umbrella at about 2,400 post offices nationwide and provide 20,000 won Naver Pay gift vouchers. Those who join together with the "Post Office Small Business Owner Term Deposit" will receive up to 0.5 percentage points in preferential interest and an additional 10,000 won Naver Pay gift voucher.

Depending on the local government, subscribers can also receive a hope incentive payment of 10,000 won to 30,000 won per month for up to 1 year within budget limits.

Kwak Byung-jin, acting head of the Postal Service, said he hopes the promotion will help more microenterprises and small merchants receive support from a reliable social safety net. He said the Postal Service will continue to prepare various support measures as a state-run financial institution to promote public welfare.