Financial Services Commission Chairman: "Support Improvement Plan for Low-Income and Self-Employed to Be Prepared in Q3"

Kim Byung-hwan, Chairman of the Financial Services Commission, stated on the 7th, “We will prepare improvement measures to support low-income earners and self-employed individuals for the areas that are lacking, and announce and implement them promptly within the third quarter.”

Financial Services Commission Chairman Kim Byung-hwan is attending and speaking at the Economic Ministers' Meeting held at the Government Seoul Office in Jongno, Seoul, on the 7th. At the meeting, additional response measures and institutional improvement directions regarding the Wemakeprice and TMON incidents were discussed. Photo by Jo Yong-jun jun21@

On the same day, Chairman Kim attended the ‘Low-Income Financial Users Meeting’ held at the Central Low-Income Financial Integrated Support Center in Jung-gu, Seoul, and said, “We will thoroughly check whether the policy effects are appearing as intended in the field of execution and whether there are any leakages in the delivery system.”

Chairman Kim conveyed that despite multifaceted efforts such as expanding policy low-income financial supply, launching small livelihood loans for vulnerable groups, the establishment of the New Start Fund, and rapid credit recovery support, the living conditions of low-income earners and small business owners remain difficult.

He added that he would focus on reviewing policy alternatives in four directions: ▲ proactive and bold debt adjustment ▲ establishing a solid economic independence foundation for low-income and vulnerable groups ▲ alleviating financial difficulties of low-income earners ▲ strong response to livelihood-related crimes, and prepare improvement measures for support accordingly.

Chairman Kim emphasized, “We will activate financial companies’ autonomous debt adjustment in line with the Personal Debtor Protection Act scheduled to be enforced in October,” and “We will continue efforts to fundamentally enhance the repayment capacity of low-income and vulnerable groups through financial-employment-welfare linkage programs.”

He also said, “While continuously supplying stable policy low-income finance to alleviate the financial burden of low-income and vulnerable groups caused by credit contraction, we will also promote efforts to secure resources for the supply of policy low-income finance,” and “We plan to strongly respond to livelihood-related crimes that undermine the foundation of low-income people’s lives.”

Chairman Kim stated, “In addition to alleviating the financial difficulties recently experienced by low-income and vulnerable groups, we will also simultaneously support fundamental improvements in living conditions through linkage with employment and welfare systems,” and “We will prepare, announce, and implement improvement measures promptly.”