[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in announced that through the 'National Support Fund,' the majority of the people will be able to receive 250,000 won, and to the top 12% excluded from the support fund payment, he asked for "understanding from those who are well-off."
On the afternoon of the 26th, President Moon presided over the Senior Secretary and Aide Meeting (Subo Meeting) at the Blue House and stated, "Although it is not support for all citizens, the majority of the people are going through difficult times, and many are struggling with their livelihoods."
President Moon emphasized that in this supplementary budget, "the support criteria for dual-income households and single-person households have been significantly relaxed in the 'National Support Fund,' enabling us to provide 250,000 won each to the majority of the people (the bottom 88%)." He also explained, "An additional 100,000 won will be provided to vulnerable groups."
He also highlighted the increase of the Hope Recovery Fund for small business damage support up to 20 million won, the expansion of support targets, the significant increase in the loss compensation budget, the coexistence consumption support fund, the expansion of quarantine response budgets such as vaccine purchase and inoculation costs, diagnostic testing, and isolation treatment, and the inclusion of various budgets in the supplementary budget such as new job creation and regional economic revitalization. He also emphasized the significance of securing supplementary budget resources without issuing deficit bonds, thereby enhancing fiscal soundness.
President Moon said, "Now is the government's time to execute the supplementary budget," and urged, "Please prioritize urgent support for small business damage and shorten preparation procedures as much as possible to provide rapid support." He also called for the swift execution of quarantine-related projects such as expanding residential treatment centers and the rapid establishment of systems for the National Support Fund and coexistence consumption support fund.
He also stressed the importance of fiscal input. President Moon said, "Countries around the world are investing massive finances to overcome the COVID-19 crisis, strengthening the government's role and responsibility," and added that our government has also "enhanced its role through four supplementary budgets last year and two supplementary budgets this year during the COVID-19 crisis phase, resulting in a faster economic recovery than any other country."
President Moon said, "The path to full recovery is still far," and urged, "Please devote your efforts to inclusive recovery that everyone can share, including thorough quarantine, rapid execution of the supplementary budget, employment recovery and gap reduction, industrial safety and disaster prevention, housing stability, and price measures."
President Moon also mentioned recently passed bills in the National Assembly, such as the 'Port Safety Special Act' prepared as a reflection on the death accident of a worker at Pyeongtaek Port, the 'Farmland Act' to eradicate farmland speculation, and amendments to the Income Tax Act and Restriction of Special Taxation Act to grasp the income of platform workers, saying, "The government should do its best to ensure that the passed livelihood bills are implemented without delay and firmly established in the field."
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