"6.3 Trillion Won to Be Released Before Chuseok"... Second Disaster Relief Fund to Be Distributed Starting Tomorrow

On the 22nd, Kim Tae-nyeon, the floor leader of the Democratic Party of Korea, and Joo Ho-young, the floor leader of the People Power Party, posed for a photo after signing an agreement on the 4th supplementary budget bill at the National Assembly. The ruling and opposition parties agreed to selectively support communication fees based on age and to provide special childcare allowances to middle school students. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Kwang-ho] As the 7.8 trillion won fourth supplementary budget (supplementary budget) bill passes the National Assembly, support funds for small business owners, special types of workers (special employment workers) and freelancers, and child care will be paid starting tomorrow.

On the 23rd, immediately after the passage of the supplementary budget at the emergency Cabinet meeting, the government plans to convene an emergency fiscal management inspection meeting to finalize the payment plan for various support funds reflected in the fourth supplementary budget.

The projects that will start payments before Chuseok include the Small Business New Hope Fund, Emergency Employment Stability Support Fund, Special Child Care, and Youth Special Job Seeking Support. A total of 10.23 million people will receive funds amounting to 6.3 trillion won. Other major projects are planned to be completed by November.

Specifically, the Small Business New Hope Fund will be provided to 2.94 million small business owners, accounting for 87% of all small business owners, whose annual sales are 400 million won or less and whose sales have decreased. Disbursement will begin on the 25th.

In addition, to support workers at risk of unemployment without omission, employment retention support funds will be paid to 1.61 million people. First, an additional 500,000 won will be paid from the 24th to 500,000 special types of workers and freelancers who received the first round of support. The Emergency Employment Stability Support Fund for 200,000 special types of workers and freelancers newly applying will be paid in November.

The 200,000 won Special Child Care support fund will be disbursed from the 28th, with preschool children receiving it through their child allowance accounts, and elementary school students and others through school banking accounts.

Among the total 200,000 Youth Special Job Seeking Support recipients, separate notification messages will be sent to the first round of applicants, including low-income and vulnerable groups, with payments starting from the 29th. Payments for the second round of applicants are planned to be completed by the end of November.

Communication fees will be deducted from the September bill in October without a separate application process. If the bill is less than 20,000 won, the 20,000 won fixed amount support will be carried over to the next month or handled by other methods.

Emergency livelihood support funds will be accepted online and on-site applications in October and paid from November.

The payment method for this disaster support fund is that the government sends notification messages to the classified support fund recipients using administrative information, and the recipients apply online. The government plans to deposit funds as quickly as possible once applications are received. Payments will be completed as soon as possible by Chuseok at the latest, possibly as early as the day after application. Since payments are made in the order of application rather than a batch payment after a set application period, those who apply earlier receive funds earlier. However, since the support targets and amounts are already determined, late applicants will not miss out on receiving funds.

A Ministry of Economy and Finance official said, "We will make every effort to efficiently execute projects so that major supplementary budget projects start payments before Chuseok as much as possible."