Economic Groups Unite in Calling for Government Regulatory Easing on COVID-19 Response

Supplementing Flexible Working Hours System
Support for Theme Parks, Resorts, etc.

Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, is giving a greeting at the 2020 Economic Policy Direction Business Meeting with Deputy Prime Minister for Economy Hong Nam-ki held at the Korea Chamber of Commerce and Industry building in Jung-gu, Seoul on the 27th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Dongwoo Lee] Major domestic economic organizations have requested the government’s active support and regulatory relaxation to alleviate the difficulties faced by businesspeople due to the spread of the novel coronavirus infection (COVID-19).

According to the business community on the 21st, economic organizations such as the Korea Chamber of Commerce and Industry, the Korea Employers Federation, and the Federation of Korean Industries proposed measures including corporate tax reductions and government funding support due to COVID-19, institutional improvements for flexible use of working hours, and deregulation policies for new industries.

Park Yong-man, chairman of the Korea Chamber of Commerce and Industry, recently praised the government’s emergency financial measures worth 50 trillion won as an “unprecedented and bold support.” This was because the KCCI had previously requested an increase in the supplementary budget size in its proposal of 30 tasks across eight major areas reflecting businesspeople’s difficulties.

The KCCI requested exemptions from financial supervisory disadvantages for support results to COVID-19 affected companies, preparation of support measures for companies excluded from primary financial institutions, and additional contributions from the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation to expand financial guarantee capacity.

The Federation of Korean Industries proposed support measures for five major sectors including distribution, aviation, tourism, medical and bio industries, and the overall industry.

In particular, it explained that currently large marts are prohibited from online sales on mandatory closure days due to regulations, and considering the current situation where visits to crowded areas should be minimized, measures are needed to allow online orders and delivery on mandatory closure days.

Son Kyung-sik, chairman of the Korea Employers Federation, emphasized that institutional improvements for flexible use of working hours and expansion of special working hours are urgently needed to minimize work disruptions.

He requested support equivalent to that provided to the four industries designated as special employment support sectors?travel, tourism accommodation, tourism transportation, and performance industries?which receive 90% of the leave allowance (70% of average wage), for industries such as theme parks, resort industries, and the film industry.

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