Hong Nam-ki "Impact of COVID-19 on Service Industry... Employment Stability Package to be Announced Next Week"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is entering the meeting room to attend the "Central Disaster and Safety Countermeasures Headquarters Meeting for COVID-19 Response" held at the Government Seoul Office in Jongno-gu, Seoul, on the 31st. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced on the 17th, "To overcome the employment shock caused by the novel coronavirus infection (COVID-19), including employment retention measures and unemployment measures, we plan to announce the 'Employment Stability Policy Response Package' that has been prepared through consultations among related ministries early next week."

Deputy Prime Minister Hong made this statement while presiding over a video conference at the Government Seoul Office that morning.

The meeting was attended by Lee Jae-gap, Minister of Employment and Labor; Noh Hyung-wook, Director of the Office for Government Policy Coordination; Kang Shin-wook, Commissioner of Statistics Korea; Lee Ho-seung, Senior Secretary for Economic Affairs at the Blue House; and Hwang Deok-soon, Senior Secretary for Jobs at the Blue House.

They analyzed that due to COVID-19, service sector jobs, especially in accommodation and food services, wholesale and retail trade, and education, have been severely affected. They also emphasized that considering the recent domestic and international environment, the possibility of the impact expanding to other industries and social classes cannot be ruled out.

Based on a serious recognition of the recent situation, the government declared its determination to respond comprehensively to minimize the negative impact of COVID-19 on jobs, as jobs are the foundation and basis for protecting the livelihood economy. Efforts to strengthen quarantine measures will continue to ensure the rapid normalization of the service industry, and previously announced fiscal and financial support measures will be implemented without fail.

Meanwhile, according to the employment trends announced by Statistics Korea on the same day, the number of employed persons in March decreased by 195,000 compared to the same month last year due to the impact of COVID-19. The decrease in employment was the largest in 10 years and 10 months since May 2009, when employment fell by 240,000.

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