Mu-hyup "Emergency Disaster Relief Fund Helps Maintain Employment and Stimulate Consumption"

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) evaluated that the emergency disaster relief fund payment plan decided at the 3rd Emergency Economic Meeting to overcome the crisis will help maintain employment and stimulate consumption.

On the 30th, KITA stated, "The government's decision to provide 'emergency disaster relief funds' will help maintain the livelihoods and employment of vulnerable groups, self-employed individuals, small business owners, and small and medium-sized enterprises, as well as stimulate consumption."

They added, "We hope that the COVID-19 pandemic, which is spreading worldwide, will end as soon as possible so that our companies' overseas expansion can gain momentum. The association will strengthen export support in preparation for the 'post-COVID-19' era."

Earlier, the Blue House chaired the 3rd Emergency Economic Meeting in the morning and announced that it would provide emergency disaster relief funds of 1 million won (based on a four-person household) to the bottom 70% income group. Additionally, to support low-income groups and small business owners facing economic difficulties, the government decided to reduce and defer payments for the four major insurances: National Pension, Health Insurance, Employment Insurance, and Industrial Accident Insurance. To fund this, the government plans to push for a 'one-point supplementary budget' of 7.1 trillion won for the emergency disaster relief funds next month.