Supermarket Association Welcomes Government's Mid-Term and Small Business Emergency Financial Support

Chairman Im Won-bae of the Korea Supermarket Cooperative Federation (third from the left)

[Asia Economy Reporter Kim Cheol-hyun] The Korea Supermarket Cooperative Federation (President Im Won-bae) expressed its welcome on the 20th for the livelihood financial stability package program approved by the government at the Emergency Economic Meeting. However, it emphasized that practical support is more urgent than loans.

President Im Won-bae said, "It is very fortunate that the government's economic measures for small business owners have been announced along with the passage of the supplementary budget," adding, "It is especially encouraging that financial support measures came first at this time when the collapse of neighborhood markets and local economies is leading to a domino effect."

However, the Korea Supermarket Cooperative Federation stated, "The fundamental issue is not another debt in the form of loans but practical support," and argued that "institutional support such as next-day settlement of card sales and tiered increases in card fees, a 50% reduction in value-added tax from the onset of COVID-19 until its end, and reductions in electricity rates for small self-employed businesses must be provided together."

It also said that to revitalize neighborhood markets, the scope of welfare points for public officials, Onnuri gift certificates, and local love gift certificates should be expanded both in terms of places where they can be used and accepted, along with an increase in the issuance amount of Onnuri gift certificates. Furthermore, it explained that neighborhood supermarkets face a heavy cost burden for delivery personnel, causing online shopping and delivery systems not to function properly, and requested that the government consider support for smart delivery systems as part of future-oriented smart supermarkets in response to the COVID-19 crisis.

This content was produced with the assistance of AI translation services.