Oh Se-hoon: "Seoul City, the Last Pillar of People's Livelihood Economy... Fully Committed to Revitalization"

Presiding Over 'Minsheng Economic Policy Review Meeting'...Urgent Support for Vulnerable Sectors
Expanding Low-Interest Refinancing Loans for Small Business Owners Struggling with Loan Repayment
Detailed Support Plans Established by Departments, Bureaus, and Divisions Responsible for Minsheng Economy

On the 30th, Seoul Mayor Oh Se-hoon held a meeting to review livelihood economic policies and stated, "With the determination that Seoul is the last pillar of the livelihood economy, we will mobilize all authority and capabilities to thoroughly monitor citizens' lives and fully commit to revitalizing the livelihood economy." In a situation where the burden on low-income households is increasing due to high inflation, Seoul City intends to provide tailored support by sector. Some interpret this as Mayor Oh stepping up his presence in economic management following the general election.

On the same day, Mayor Oh held a livelihood economic policy review meeting at the Seoul City Hall Planning Situation Room, attended by vice mayors, heads of departments and bureaus, the president of the Agricultural and Marine Products Corporation, and the chairman of the Credit Guarantee Foundation, delivering this message.

[Image source=Yonhap News]

At the meeting, Mayor Oh said, "The so-called three highs (high inflation, high interest rates, and high exchange rates) are increasing the burden on low-income households, including self-employed individuals, and the prices of daily necessities and livelihood goods that citizens feel directly are also rising one after another. As the mayor of Seoul, this weighs heavily on my heart," adding, "Knowing it is a crisis but doing nothing is the greatest crisis, so the role and responsibility of Seoul City are more important than ever."

He continued, stating that the 'Livelihood Labor Bureau,' which is set to be reorganized in July, will serve as the control tower for livelihood economic support, and urged full efforts to revive the livelihood economy by establishing a dedicated support system by department and bureau for livelihood economic actors such as delivery workers and irregular workers and small business owners (Labor Fair Coexistence Policy Officer), small and medium-sized enterprises and urban manufacturing (Economic Policy Office), small construction businesses (Housing Policy Office), performers and artists (Cultural Headquarters), and travel agencies (Tourism and Sports Bureau).

Seoul City's proposed support measures also focus on identifying and prioritizing sectors and beneficiaries that are inevitably more vulnerable during economic crises. In particular, starting May 1 (Labor Day), the Labor Policy Officer will establish ▲Freelancer Support Team ▲Vulnerable Worker Protection Team ▲Small Business Support Team to promote support policies such as protecting the rights of irregular workers, distributing standard contracts, operating rest areas, and providing labor environment improvement consulting.

Measures to reduce financial burdens by expanding low-interest refinancing loans for small business owners struggling with loan repayments were also discussed. The refinancing loan fund for small business owners whose repayment deadlines for loans taken during the COVID-19 period have arrived will be increased by 100 billion KRW, with a total of 400 billion KRW planned for support in 2024. Additionally, a report was given on the introduction of the 'first public institution payment escrow system' to fundamentally prevent wage arrears and unpaid amounts that directly affect the livelihoods of freelancers and other irregular workers, ensuring that the rewards of labor fully return to the workers themselves.

Furthermore, plans to ease the management burden on small and medium-sized enterprises through expanded support for accounts receivable insurance premiums and export insurance premiums, as well as support measures for intellectual property disputes related to overseas online platforms threatening the Korean manufacturing ecosystem, were discussed to help the economy regain vitality. Employment stability measures for livelihood economy workers such as construction site laborers and small-scale artists were also reviewed.

Some attribute significant meaning to Mayor Oh's policy message on this day. This is seen as he has consecutively met with elected and defeated members of the People Power Party who ran in Seoul constituencies after the general election and has begun full-fledged policy activities. Last week, Mayor Oh personally announced the 'Comprehensive Plan for Revitalizing Han River Water Activities,' aiming to develop Seoul into one of the world's top five cities centered around the Han River. He is expected to focus on stabilizing the system of the climate cooperation card, the biggest priority project in the first half of the year, while accelerating the prompt implementation of mid- to long-term policies such as Han River River Bus, Namsan Gondola, and Yongsan International Business District development.

Mayor Oh said, "All answers lie in the field, so I will directly observe the difficulties of the economic field going forward," and urged, "Heads of departments and bureaus should also go out to the field, meet citizens, and carefully check what is most difficult for them." Seoul City plans to establish detailed support plans by livelihood economic sectors and industries and implement them sequentially.