Yoon: "Raising Newborn Special Loan Income Standard to 200 Million Won Combined for Couples" (Comprehensive Report 2)

Follow-up Meeting on People's Livelihood Discussion
Significant Adjustment from Existing 130 Million Won
Employment Plans for Foreign Students and Marriage Immigrants in Household and Childcare Fields
Request to Banks to Ensure Consumer Benefits

The income criteria for the Buttress Jeonse Loan, which helps ordinary citizens prepare funds for jeonse deposits, will be significantly relaxed. For newlyweds, the combined spousal income criterion, previously set at 75 million won, will be raised to 100 million won. The combined spousal income criterion for special loans for households with newborns will also be significantly increased from 130 million won to 200 million won. Additionally, measures will be put in place to allow foreign international students and marriage immigrant families residing in Korea to work in the domestic household and childcare sectors.

President Yoon Suk-yeol announced on the morning of the 4th at the Freedom Hall of the Presidential Office that the government will strengthen housing support for youth under the theme "A government that takes care of people's livelihoods until problems are resolved" by holding a follow-up meeting to check the implementation of economic sector livelihood discussion outcomes. This meeting was organized to review the implementation of practical tasks and future plans in the economic sector following the social sector meeting held on the 2nd.

Regarding the Buttress Jeonse Loan, President Yoon stated, "There are criticisms from young people that some government support programs act as a marriage penalty for newlyweds," and added, "This time, we will definitely change that." Accordingly, ▲ the income criterion for newlyweds for the Buttress Jeonse Loan will be raised from 75 million won to 100 million won ▲ the combined spousal income criterion for special loans for newborn households will be raised from 130 million won to 200 million won ▲ and the combined spousal income criterion for the Earned Income Tax Credit will be raised from 38 million won or less to 44 million won or less.

Yoon: "Delays in Marriage Registration to Obtain Loans Are Common"

[Image source=Yonhap News]

President Yoon explained, "The individual income criterion to receive the Buttress Jeonse Loan is 50 million won per year, but for newlyweds, the combined criterion for two people is 75 million won, so it is common for couples to delay marriage registration to qualify for the loan," adding, "From now on, the income criterion for newlyweds will be raised to a combined 100 million won, with 50 million won per person."

To ease the burden on dual-income couples, plans are also being actively considered to allow foreign international students and marriage immigrant families residing in Korea to work in the household and childcare sectors. President Yoon said, "Above all, it is important to reduce the childcare burden on dual-income couples," and urged, "The Ministry of Justice, Ministry of Employment and Labor, and other related ministries should actively establish measures so that foreigners residing in Korea can be trusted by parents to take care of their children."

President Yoon added, "Allowing the 163,000 foreign international students and 39,000 marriage immigrant families already residing in Korea to work in the household and childcare sectors is an effective method," and said, "Employment within the home will not be subject to minimum wage restrictions, and a flexible market will be formed according to supply and demand."

Furthermore, President Yoon instructed the Ministry of Employment and Labor to establish a 'Department for Supporting Unorganized Workers,' emphasizing that the state must take an interest in and directly care for the rights and interests of unorganized workers who are not members of labor unions.

President Yoon stated, "We plan to complete the revision of subordinate laws and regulations that the government can handle by the first half of the year at the latest, and finish all by the end of this year," adding, "We are doing our best to ensure that livelihood bills pending in the National Assembly are passed within the term of the 21st National Assembly."

He continued, "Amendments to the Distribution Industry Development Act to allow large marts to close on weekdays, amendments to the Urban and Residential Environment Maintenance Act to ease reconstruction safety inspection regulations, and the abolition of the Device Distribution Act to reduce communication fees?these are all important and urgent bills," emphasizing, "We will prepare bills containing the contents discussed at the livelihood discussion as quickly as possible and submit them immediately after the 22nd National Assembly is formed, doing our best to ensure their swift passage."

President Yoon explained that preparations are underway for the Restriction of Special Taxation Act to support corporate value-up and amendments to the Elderly Welfare Act to revitalize elderly welfare housing and silver towns. He promised to accelerate budget execution for projects that can be done with this year's budget and to ensure that projects planned for next year are fully reflected in the budget.

Regarding the 24 livelihood discussions held from January to March, President Yoon said, "The biggest change in our government is that policy agendas are not decided from the government's perspective as a policy supplier, but from the voices of the people as policy demanders, discovering and promoting agendas from the people's standpoint," and added, "We will continue to communicate closely with the public through livelihood discussions until people's lives and satisfaction with changes are directly felt."

President Yoon mentioned that the livelihood discussions have clearly shown that administration must be multidimensional and complex. He encouraged public officials, acknowledging their hard work during the process of changing work styles. President Yoon joked, "I wonder if the Ministry of Employment and Labor will sue us for overwork. But go ahead and sue. I will take the blame after I leave office."

Yoon: "Concerns About Abolishing Short Selling Are Groundless... Policy Will Be Maintained"

[Image source=Yonhap News]

He also indicated that the short selling ban policy will continue for the time being. President Yoon said, "When abolishing short selling, there were concerns that it would not align with global standards and that foreign investment might decrease, but those concerns were groundless," diagnosing, "Seeing the recent increase in foreign investment in the stock market, the policy to abolish short selling was correct." However, he added, "If an illegal short selling control IT system is established, it would be fine to align with global standards," emphasizing, "Since we are working hard to build the IT system, we will maintain the abolition policy until the stage where investors' damages can be prevented."

He positively evaluated the Ministry of Land, Infrastructure and Transport's swift youth housing policy and its establishment. President Yoon pointed out, "Youth housing issues are scattered across several ministries," and explained, "It's not that one ministry should monopolize it, but for effective policies, comprehensive coordination and budget control are necessary, which is why it was established." He also praised the role of youth aides in this process, saying, "Let's abolish all marriage penalties in every field, with young public officials centered around youth aides watching closely."

Regarding educational reform, he pointed out that the Ministry of Education must take the lead. President Yoon said, "There are various directions for educational reform, but the most important thing is that the Ministry of Education itself must be educated," and ordered, "The Ministry of Education should reform so that it no longer supervises individual issues but focuses solely on changing the education system."

Finally, President Yoon emphasized agriculture-related matters, saying, "Rural innovation is important, but rural structural reform is more important," and stressed, "Rural reform was the Saemaul Undong (New Village Movement) promoted during former President Park Chung-hee's era, and a second Saemaul Undong as a rural reform movement must begin."

Yoon: "Thanks to Bank Executives for Implementing Win-Win Programs"

President Yoon Suk-yeol is speaking at the 2nd follow-up meeting on economic sector inspection after the public livelihood discussion held on the 4th at the Yongsan Presidential Office building in Seoul.
[Image source=Yonhap News]

President Yoon expressed gratitude to the banking sector regarding the win-win programs involving interest refunds and refinancing loans totaling 2.3 trillion won to reduce the burden on small business owners. This atmosphere contrasts with the previously tough stance accusing banks of profiteering from interest. President Yoon had criticized banks several times for relying on stable business structures to earn huge interest profits without innovation or competition, while neglecting their responsibilities to the nation and people.

He highlighted that the government created policies and the financial sector cooperated swiftly, enabling self-employed people, small business owners, and SMEs to reduce their burdens, interpreting this as a call for continued social responsibility. President Yoon also requested, "I hope the banking sector will play a significant role so that the competitiveness of the financial industry improves and financial consumers can benefit."

He did not spare praise for the government, which created systems such as loan refinancing and low-interest refinancing loans for small business owners. He even applauded a specific official responsible for the work. The official expressed, "As a public servant, it is a grateful task to be in charge of policies that help people's daily lives," and vowed, "We will continue to identify improvement tasks and make ongoing improvements so that more people can conveniently use the services."

President Yoon said, "Loan refinancing and low-interest refinancing loans for small business owners are excellent systems, and I highly appreciate the inter-ministerial cooperation," adding, "Loan refinancing has promoted competition in interest rates and loan conditions, naturally lowering interest rates and transferring interest income from the financial sector to the people, producing very good results. Let's continue to improve so that it can operate more efficiently."

The event was attended by government officials including Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance; Lee Ju-ho, Deputy Prime Minister and Minister of Education; Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs; Ahn Deok-geun, Minister of Trade, Industry and Energy; Lee Jeong-sik, Minister of Labor; Park Sang-woo, Minister of Land, Infrastructure and Transport; Kang Do-hyung, Minister of Oceans and Fisheries; Oh Young-joo, Minister of SMEs and Startups; Bang Ki-seon, Director of the Office for Government Policy Coordination; Kim Ju-hyun, Chairman of the Financial Services Commission; and the head of the Legislation Office. From the Presidential Office, Lee Kwan-seop, Chief Secretary; Sung Tae-yoon, Policy Secretary; Park Chun-seop, Senior Secretary for Economic Affairs; and Jang Sang-yoon, Senior Secretary for Social Affairs, also participated.