Total "KRW 1,257.6 billion and 1.5% late fee exemption effect"
[Asia Economy Reporter Moon Chaeseok] The government has decided to extend the payment deadline for electricity bills billed to small business owners and low-income households for three months by an additional three months.
On the 30th, the government announced this through the 'Measures to Ease the Burden of Social Insurance Premiums, etc.' This plan was proposed at the 3rd Emergency Economic Meeting.
First, the government will reduce the electricity bill burden for 3.2 million small business owners and 1.572 million low-income households.
Small business owners refer to businesses with fewer than five regular employees (fewer than 10 in mining, manufacturing, etc.) based on the 2018 National Business Survey.
Low-income households include basic livelihood security recipients, near-poor, disabled persons, and independent or war veterans who were eligible for welfare discounts by Korea Electric Power Corporation in 2018.
The payment deadline for three months' worth of electricity bills billed to them from next month through June will be extended by three months.
The benefits will be applied starting from the 18th of next month.
The government expects a total effect of 1.2576 trillion KRW (419.2 billion KRW per month) and exemption from late fees (1.5%).
After the extension period ends, installment payments can be made until the end of this year, providing an extension effect of up to seven months.
Small business owners and others can freely choose the number of installment months.
The government plans to send text messages to small business owners and others and provide application guidance within the electricity bill statements in the future.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
