Cheong presides over the Ministerial Meeting on Livelihood Economy... Urges prompt support for small business owners and self-employed affected by COVID-19
[Asia Economy Reporter Ryu Jeong-min] On the 29th, President Moon Jae-in presided over the Ministerial Meeting on Livelihood Economy at the Blue House and ordered, "Discuss together with the fiscal authorities and ministries to prepare next year's entire government budget expansively." President Moon also urged prompt support for socially vulnerable groups, including support for small business owners and self-employed individuals severely affected by COVID-19.
Park Kyung-mi, spokesperson for the Blue House, stated in a written briefing that "the Ministerial Meeting on Livelihood Economy was held with the participation of the Ministers of Strategy and Finance, SMEs and Startups, Employment and Labor, Health and Welfare, the Chairman of the Financial Services Commission, and the Director of the Office for Government Policy Coordination, where they reviewed measures for the swift execution of the 2nd supplementary budget and the recovery of the livelihood economy."
Hong Nam-ki, Deputy Prime Minister and Minister of Strategy and Finance, reported that he would make every effort to minimize the livelihood economy shock caused by the resurgence of COVID-19 through active fiscal management, including the swift execution of the 2nd supplementary budget.
Spokesperson Park explained, "(Deputy Prime Minister Hong) reported that to reduce the financial burden on vulnerable groups, policy-based low-income financial support will be expanded to an annual level of 9 to 10 trillion won, 100 million eggs will be imported in August as well, and preemptive measures will be taken to stabilize prices for low-income consumers ahead of Chuseok."
President Moon ordered, "In cases where low-income people have overdue payments due to the social disaster of COVID-19, explore responses such as extending the maturity within certain conditions or addressing the lowering of credit ratings and financial accessibility caused by overdue records."
Regarding efforts to lower domestic egg prices, President Moon said, "The poultry industry cooperated with quarantine by culling, but compensation was delayed even several months after the AI (Avian Influenza) ended," and instructed, "Check the production, distribution, and sales stages, and work closely with the Ministry of Agriculture, Food and Rural Affairs to specially ensure sufficient import of eggs."
Kwon Chil-seung, Minister of SMEs and Startups, reported that the Small Business Hope Recovery Fund will begin immediate payment to more than 1.3 million people, about 70% of the total support target, on the 17th. He also stated that emergency funds for small business owners with low to medium credit will be swiftly supported within August.
Spokesperson Park explained, "(Minister Kwon) said that the Loss Compensation Deliberation Committee will be convened immediately on the law enforcement date, October 8, to prepare for the rapid payment of loss compensation starting from the end of October."
President Moon instructed, "Pay special attention to ensure prompt feedback on objections and complaints from small business owners," and added, "Also consider ways to provide income information to local governments."
Ahn Kyung-duk, Minister of Employment and Labor, announced plans to swiftly execute government job projects, expand private sector youth hiring incentives, and increase job opportunities for young people through training in digital and new technology fields. Minister Ahn reported that a focused management period for about 60,000 heatwave-vulnerable workplaces such as construction sites, steelworks, and delivery services will be operated until the end of August.
President Moon said, "The Youth Employment Support Project is a public-private collaboration model involving large corporations, the Korea Federation of SMEs, the Korea Chamber of Commerce and Industry, and universities. It is a good example that gives hope to young people, so activate it so that many young people can use this system."
President Moon instructed, "Make every effort to prevent workers from collapsing due to heatwaves," and added, "Actively seek legal interpretations on whether enforceable measures can be taken to stop work when a heatwave warning is issued."
Kwon Deok-cheol, Minister of Health and Welfare, reported that the 100,000 won per person consumption support fund for low-income households reflected in the 2nd supplementary budget will be provided, and the abolition of the support obligation criteria, originally scheduled for January next year, will be advanced to October this year.
Minister Kwon added that budget and personnel support will be provided to temporary screening clinics, and an additional 1,806 response personnel will be assigned to 258 public health centers to ensure smooth operation of their duties.
President Moon said, "Take comprehensive care of livelihood support for vulnerable groups, sustainable care during the COVID-19 situation, and heatwave measures for temporary screening clinics."
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