100% Support for Pohang Earthquake Damage... Government to Cover 80%, Local Governments 20%

Enforcement Decree Amendment of the 'Pohang Earthquake Damage Relief Act' Approved by the Cabinet Meeting... Effective from the 16th

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[Sejong=Asia Economy Reporter Joo Sang-don] The government has decided to fully compensate for property damage caused by the Pohang earthquakes in November 2017 and February 2018.

On the 13th, the Ministry of Trade, Industry and Energy announced that the partial amendment of the "Enforcement Decree of the Special Act on the Investigation of the Truth and Relief of Damage from the Pohang Earthquake" was approved at the Cabinet meeting and will be enforced from the 16th.

This amendment aims to expand support for victims of the Pohang earthquake by increasing the property damage compensation and establishing detailed procedures for reconsideration of decisions made by the Damage Relief Deliberation Committee.

According to the amendment, the damage relief support for property damage has been raised from "80% of the damage amount" to "the full amount of the damage."

The damage relief support fund will be borne 80% by the national government and 20% by related local governments such as Gyeongbuk Province and Pohang City.

Additionally, the amendment includes detailed procedures for "reconsideration of decisions by the Damage Relief Deliberation Committee" to guarantee the right of applicants to appeal.

The government plans to promptly provide damage relief support funds according to the amended special act enforcement decree and to steadily promote projects such as Pohang City's economic revitalization support program.