Promise of Integrated Support from Closure to Restart
Expansion of Local Currency and Onnuri Gift Certificate Issuance
"Economic Recovery Depends on the Survival of Small Business Owners"
Lee Jae Myung, the presidential candidate of the Democratic Party of Korea, pledged on May 4 to increase transparency in "management fees" and lower simple payment service fees in order to reduce the management burden on small business owners. He also promised to expand closure support funds.
On this day, Lee introduced his support measures for small business owners through social networking services (SNS). Regarding the current situation, he stated, "Small business owners and self-employed people are facing a survival crisis." He explained, "They have endured COVID-19, the 'three highs' (high inflation, high interest rates, and high exchange rates), and prolonged sluggish domestic demand, but have now suffered a direct blow from the illegal insurrection. The foundation of people's livelihoods is collapsing." He continued, "Raw material prices are soaring, and consumption is declining. Business is poor, and it is difficult to handle interest payments." He added, "The debt of self-employed people has increased by 380 trillion won compared to before COVID-19, and the number of vulnerable borrowers has reached 430,000."
Lee stated, "We will devise comprehensive measures to reduce burdens such as rent, labor costs, and energy expenses," and promised, "We will transparently disclose management fees to prevent landlords from covertly raising rents." He also said, "We will ease the burden of fees for unmanned ordering devices such as kiosks and table orders, as well as for gift certificates and simple payment services."
Lee Jae Myung, the presidential candidate of the Democratic Party of Korea, is tasting fresh Eosuri greens, a local specialty, at the wild vegetable festival in Jangseong-dong, Taebaek City, Gangwon Province, on the third day of his "Listening Tour in Every Alley." Yonhap News.
In addition, he said, "Unfair trade practices are increasing, such as excessive fees and advertising costs demanded by online platforms. We will promote institutional reforms to establish a fair economic platform ecosystem."
He also promised to expand closure support funds and opportunities for a fresh start. He stated, "We will break the vicious cycle in which people are forced to take on new debt due to the burden of closure costs and lump-sum loan repayments," and added, "We will increase closure support funds and expand financial support for those seeking to restart their businesses." He further pledged, "We will establish an integrated system to support recovery, from debt adjustment to closure and reemployment."
Lee also promised comprehensive measures regarding COVID-19 loans. He stated, "It is unfair that the government shifted the responsibility it should have borne during the COVID-19 period onto small business owners and the self-employed," and continued, "We will implement special measures in stages, from debt adjustment to cancellation. We will expand policy funds such as low-interest refinancing loans and interest subsidies, and introduce customized long-term installment repayment programs for small business owners."
He said, "We will expand local currency and Onnuri gift certificates," and added, "We will significantly increase the issuance volume to stimulate domestic demand and boost sales." Other pledges included making safety call services mandatory to prevent crimes against female small business owners, expanding parental leave allowances for small business owners, and making the scope and compensation limits of fire insurance more realistic.
Lee stated, "The livelihood of small business owners is essential to the well-being of the people and the recovery of the economy," and added, "We will create an environment where small business owners and the self-employed, exhausted by high inflation and prolonged sluggish domestic demand, can reduce their burdens and increase their sales."
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