KT, KRW 2.4 Billion Rent Reduction for Small Business Owners Affected by COVID-19

3596 Cases of Relief... Total Relief Amount 2.4 Billion KRW
Daegu and Gyeongbuk Severely Affected by 'COVID-19' Receive 50% Relief
Other Regions Receive 20% Relief

[Asia Economy Reporter Koo Chae-eun] KT recently announced on the 27th that it will reduce rent for three months for small business owners residing in KT buildings to help those struggling due to COVID-19.

As of the 27th, there are a total of 6,330 lease contracts with KT buildings. More than half of these, 3,596 contracts, are expected to receive rent reductions. The total amount of the reduction is approximately 2.4 billion KRW. The reduction will be applied starting from March rent, with Daegu and Gyeongbuk, the areas most severely affected by COVID-19, receiving a 50% discount, and other regions receiving a 20% discount (up to 3 million KRW per month).

KT buildings, mainly located in city centers, house many lifestyle-friendly businesses such as franchise cafes, restaurants in the food and beverage industry, insurance, home appliances, telecommunications agencies, opticians, and stationery stores. KT stated, "As a national company, KT has decided to reduce rent to provide practical help to small business owners suffering from COVID-19 with a sense of responsibility."

Meanwhile, KT is focusing all its efforts on preventing the spread of COVID-19. To reduce face-to-face contact, KT has implemented work-from-home policies for all employees and has strengthened disinfection and monitoring within buildings. Employees who directly meet customers, such as those in installation, A/S, branch offices, and agencies, are required to use masks, sanitary gloves, and hand sanitizers.