[Changes in the Second Half of 2022] Expansion of Small Business Loss Compensation Eligibility... Promotion of Space Industry Cluster Designation

Expansion of Loss Compensation to Medium-Sized Enterprises... Adjustment Rate Increased from 90% to 100%
Amendment of 'Uju Gaebal Jinheungbeop'... Opening Space Development Infrastructure to the Private Sector
Focused Support for Core Technologies like Semiconductors... Establishing a Foundation for Workforce Protection

'Apply for the 2nd Quarter Loss Compensation Advance Payment'
(Seoul=Yonhap News) Jin Yeon-su reporter = On the 9th, when the application for the 2nd quarter loss compensation advance payment for 2022 began, a self-employed person is receiving consultation related to the advance payment for loss compensation at the Seoul Jungbu Center of the Small Enterprise and Market Service in Jongno-gu, Seoul. The advance payment targets are 612,000 small business owners and small enterprises that were subject to business hour restrictions from April 1 to 17, when 'social distancing' was implemented for COVID-19 prevention. The advance payment amount is 1 million won. 2022.6.9
jin90@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Jun-hyung] From July, the scope of loss compensation for small business owners will be expanded to include medium-sized enterprises with annual sales of up to 3 billion KRW. The compensation adjustment rate will be raised from the existing 90% to 100%.

According to the government’s publication on the 30th, "Changes from the second half of 2022," the government will extend the loss compensation target to medium-sized enterprises with annual sales of up to 3 billion KRW. Initially, those eligible for compensation under the Small Business Act for losses incurred due to government quarantine measures were limited to small businesses and small business owners. Medium-sized enterprises with annual sales of up to 3 billion KRW will be eligible for compensation for losses incurred from the first quarter onward.

Along with this, in line with the government’s policy of “full loss compensation,” the adjustment rate will be increased by 10 percentage points from the existing 90% to 100%. The minimum compensation amount will double from 500,000 KRW to 1 million KRW.

The Korean launch vehicle Nuriho (KSLV-II), designed and manufactured entirely with domestic technology, is soaring into space with flames erupting from the launch pad at Naro Space Center in Goheung-gun, Jeollanam-do on the 21st. Unlike the first launch, which carried only a dummy satellite with no actual functionality, the second Nuriho launch this time included a performance verification satellite and four CubeSats. / Goheung = Photo by Joint Press Corps

The government is also promoting the designation of a space industry cluster through amendments to the “Space Development Promotion Act.” Space development infrastructure will be opened to the private sector. This is based on the judgment that expanding private sector participation is necessary to systematically foster and revitalize the space industry. The amendment will take effect from December.

Space technologies developed for the first time domestically will be designated as new space technologies. Central government agencies and public institutions must prioritize purchasing products that apply these new space technologies. The government has also established legal provisions to promote technology transfer and workforce development in the space sector.

A foundation has been established to guarantee profitability for companies investing in the space industry. The government will introduce contract methods that allow companies to include profits and other costs in space development projects. Penalties for delays in contract fulfillment can be relaxed within the scope defined by enforcement ordinances.

President Yoon Seok-yeol Examining a Photomask
(Seoul=Yonhap News) President Yoon Seok-yeol is looking at a semiconductor photomask received from Minister Lee Jong-ho of the Ministry of Science and ICT during the Cabinet meeting held at the Yongsan Presidential Office Building in Seoul on June 7. 2022.6.7 [Provided by the Presidential Office. Resale and DB prohibited]
jeong@yna.co.kr
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Advanced technology policies will also be further strengthened. According to the “National Advanced Strategic Industry Special Act,” which will be enforced in August, a committee chaired by the Prime Minister will be established. The committee will designate core technologies such as semiconductors as national advanced strategic technologies within the year.

The government will provide package support for permits, infrastructure, and other needs related to advanced strategic technologies. It will also support workforce development by establishing contract departments and specialized universities related to advanced strategic technologies. The institutional foundation to protect technologies and personnel from the perspectives of national interest and economic security will be reinforced.

Additionally, from September, the “Climate Change Impact Assessment” system will be implemented. This is one of the systems to internalize carbon neutrality into major national plans and projects. Among existing strategic and environmental impact assessments, 10 sectors that emit large amounts of greenhouse gases or are vulnerable to the climate crisis are targeted. The government plans to start with energy, industrial complexes, urban development, and ports, which have high greenhouse gas emissions, and sequentially implement the system for roads, airports, and waste management next year.