A new survey finds that eight out of ten small-sized companies that employ foreigners are not well aware of the “K-point E74” program.

The Korea Federation of Small and Medium-sized Enterprises disclosed on Monday the results of its survey of 631 companies with foreign employees on their knowledge about utilizing their foreign personnel.

The survey found that 79-point-two percent of the surveyed did not know about the K-point E74 program and only 33-point-nine percent of the firms that knew about the program had actually implemented it.

The program allows foreign employees who have worked legally in the country for more than four years and meet certain standards in terms of income and Korean proficiency to convert their visa to the E-7-4 visa for an extended stay.

As reasons for not being aware of the program, most of the companies cited a lack of information followed by a lack of interest as well as the fact that they are not in need of foreign personnel for an extended period. 

The survey found that 55-and-a-half percent of the surveyed companies now plan to apply the program.