Vice Minister of Economy Announces Support Measures for Self-Employed in Excluded Sectors from November Loss Compensation

Presiding over the '37th Policy Review Meeting'
Travel Industry and Other Excluded Sectors Protest Compensation... Measures to Be Prepared

Deputy Minister Lee Ok-won of the Ministry of Economy and Finance presides over the '37th Policy Review Meeting' and delivers opening remarks at the Government Seoul Office on the 29th. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] The government has decided to introduce separate support measures next month for small business owners in sectors excluded from loss compensation, such as the travel industry.

Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, announced this on the 29th while presiding over the '37th Policy Inspection Meeting' at the Government Seoul Office.

He said, "We will prepare and announce customized measures considering the characteristics and demands of the excluded sectors, such as low-interest loan programs and sales recovery support, by November."

The government's payment procedure for small business loss compensation began on the 27th. Over two days, from the 27th to the 28th, 102,000 companies received compensation totaling 343.1 billion won. The government expects the loss compensation scale for the third quarter to be about 2.4 trillion won (800,000 companies).

Vice Minister Lee also urged thorough preparation for the '2021 Korea Sale Festa,' which will be held from the 1st to the 15th of next month. This year's Korea Sale Festa is expected to have a record participation of about 2,000 companies.

He said, "During the event period, we will expand the discount on Onnuri gift certificates from the existing 5% to 10%, and increase the supply of local love gift certificates to three times the usual level."