First Employment Stability Support Fund Virtually Ended... "Second Round to Pay 460,000 People Before Chuseok"

Ministry of Employment Starts Second Employment Stability Support Payment for Special Employment and Freelancers
"First Support Paid to 1.49 Million People... Completed Except for Appeals"
"200,000 New Applications Supported Until End of November... System Enhancement Underway"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] The second round of emergency employment stabilization funds to support the livelihoods of special-type workers (특고) and freelancers, who are in the blind spots of employment insurance, will be paid to 460,000 people before Chuseok.

According to the Ministry of Employment and Labor on the 26th, regarding the second emergency employment stabilization funds supporting a total of 700,000 특고 and freelancers whose income has decreased due to the novel coronavirus infection (COVID-19), 460,000 people will be given priority payment before Chuseok.

The Ministry of Employment and Labor announced that to expedite the payment, they have prepared in advance the list of 460,000 eligible recipients excluding those enrolled in employment insurance among the 500,000 first-round emergency employment stabilization fund beneficiaries.

An official from the Ministry of Employment and Labor said, "On the 23rd, the final list of recipients was confirmed and a bulk transfer request was made to commercial banks," adding, "The commercial banks that received the final list have completed account suitability checks and have sequentially scheduled account transfers."

Accordingly, about 1,000 cases will be paid on the 24th, 6,000 cases on the 25th, 300,000 cases on the 28th, and 150,000 cases on the 29th, with a total of 460,000 cases expected to be completed before Chuseok.

The Ministry is also in the process of hiring personnel and making system modifications and improvements to ensure that the 200,000 new applicants for the second round of support in October can receive payments smoothly by the end of November.

Additionally, regarding the first round of emergency employment stabilization funds, the Ministry stated that out of a total of 1.76 million applicants, 1.49 million people who were approved have received the funds.

This excludes cases where applicants are currently filing objections because they do not accept the review results, or where there are mismatches in resident registration numbers or account number errors; all other eligible applicants have been paid.

Ongoing objections will be concluded within this month, and if the objection results in a payment decision, the funds will be paid as soon as possible. Those who meet the requirements for the second round of support will also receive an additional 500,000 KRW after Chuseok.

Minister of Employment and Labor Lee Jae-gap said, "COVID-19 has clearly revealed the dual structure of our labor market and the vulnerability of the employment safety net," and added, "We will do our utmost to ensure the smooth payment of the 'second emergency employment stabilization funds' allocated in the 4th supplementary budget."