Choo Kyung-ho "Chuseok Livelihood Measures This Month... Stabilizing Food Prices and Reducing Living Expenses"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] The government will announce measures to stabilize livelihoods during Chuseok later this month.

On the 1st, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated during the Ministry of Economy and Finance's briefing to the National Assembly's Planning and Finance Committee, "We will prioritize stabilizing the livelihood economy. In preparation for an earlier Chuseok than usual, the measures will include stabilizing food prices and reducing essential living expenses."

Deputy Prime Minister Choo said, "To alleviate the difficulties of people's livelihoods amid high inflation, we will reduce the tax burden on low-income and middle-class households while actively expanding the budget to protect vulnerable groups. We will also invigorate the economy by leveraging the dynamism of the private sector."

He emphasized, "The government and the private sector will cooperate to boldly eliminate burdensome regulations that stifle corporate creativity and innovation, and we will also reform the corporate tax system to align with global standards so that our companies can secure a global competitive edge."

He continued, "Next year's budget will shift to a sound fiscal policy stance, implementing the largest expenditure restructuring in history, and we will legislate simple yet binding fiscal rules." He added, "We will also accelerate the preparation of 'Fiscal Vision 2050,' which seeks solutions to economic and social structural problems within the principle of fiscal sustainability."

Deputy Prime Minister Choo stated, "Public institutions will innovate to meet the expectations of the people," adding, "Based on the public institution innovation guidelines announced last week, we will promote workforce and organizational efficiency, adjust welfare benefits, and strengthen soundness management for financially risky institutions."