The Ministry of Interior and Safety is set to implement a performance-based support system for the social economy, aimed at measuring outcomes in addressing local social issues and providing growth funding.
On September 30, the ministry signed a memorandum of understanding with the Social Value Research Institute, established by SK, at the Government Seoul Building.
Under the agreement, the two organizations will evaluate the performance of selected regions involved in the 'Social Economy Innovation Model Discovery and Dissemination' project and provide growth funding based on the results. The Social Value Research Institute will develop tailored indicators reflecting the characteristics of the projects and validate the measurement results.
The collaboration will span three years, from 2027 to 2029, with a total budget of 1.5 billion won.
This agreement is centered on applying the 'Social Performance Incentive (SPC)' model, which has traditionally converted social value created by businesses into monetary value, to local projects. The ministry also plans to support the dissemination of effective models to other regions.
Kim Min-jae, Deputy Minister of the Ministry of Interior and Safety, stated, “The core of this agreement is to measure the social value created in the community and connect those outcomes to growth support.”
* This article has been translated by AI.
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