A minimum of 6 million won will be provided to both small business owners and self-employed people… party support agreement
The government and the power of the people agreed to provide at least 6 million won to both small business owners and the self-employed at the first party meeting this morning.
The target of support is about 3.7 million, including the self-employed and small business owners, including small and medium-sized enterprises with sales of 3 billion won or less, and the amount of support is expected to exceed 33 trillion won. It seems that President Yoon Seok-yeol’s initial ‘payment of 6 million won’, which has been controversial about the withdrawal of his promises, will become a reality.
In this second supplementary budget plan, the compensation rate for loss compensation will be raised from 90% to 100%, and the quarterly lower limit will also be raised from 500,000 won to 1 million won, respectively. The emergency living support for the low-income class and the vulnerable class will be temporarily extended from 750,000 won to 1 million won. In addition, measures to support farmers and fishermen were included. The plan is to review some government subsidies for fertilizer and feed price hikes, and lower interest rates for policy funds provided to farmers and fishermen.
The government will expand the scope of support to include industries that were previously excluded from compensation for losses. It was decided to provide preferential support to the travel industry, performance exhibition business, and air transport business, which were in the blind spot of the existing support. In addition, special types of workers (special high school) and freelancers, including corporate taxis, chartered buses, route bus drivers, cultural artists, insurance solicitors, and agency drivers, will also receive support. In the case of after-school school workers in elementary schools, through consultation with the Ministry of Education and the Office of Education, it is planned to come up with a support plan using the educational financial grants reflected in this supplementary budget.
The size of the supplementary budget plan is expected to expand further from 33 trillion won, excluding the 17 trillion won already reflected in the first supplementary budget plan. The specific amount of support for each supplementary budget project will be announced by the government after the second supplementary budget bill is approved at the cabinet meeting on the 12th. It is then submitted to the National Assembly on the 13th. “The government will do everything in its power to deliberation and cooperation with the National Assembly so that the supplementary budget bill can be confirmed at the National Assembly as soon as possible,” said Deputy Prime Minister Chu.
There will be no issuance of government bonds to finance the budget. Choo Kyung-ho, Minister of Strategy and Finance and Deputy Prime Minister of Economy and Finance, said, “We reviewed the execution performance of all discretionary expenditures from the beginning, promoted the expenditure restructuring of the main budget appropriation project, and tried to discover all available financial resources such as the world surplus and the BOK surplus as much as possible.” said.
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