Kim Ki-moon "Urgent Need to Expand Employment Retention Subsidy Limit"...Ruling Party Floor Leader Visit

Kim Ki-moon, President of the Korea Federation of SMEs (left), is smiling brightly as he meets Kim Tae-nyeon, Floor Leader of the Democratic Party of Korea, at the National Assembly on the 26th, promising active communication to overcome the COVID-19 crisis.

[Asia Economy Reporter Kim Daeseop] "It is urgent to expand the limit of the Employment Retention Subsidy, relax the requirements, and expand special guarantees."

On the 26th, Kim Gimuon, Chairman of the Korea Federation of SMEs, said this during a meeting with Kim Tae-nyeon, floor leader of the Democratic Party of Korea, at the National Assembly, stating, "Our economy is in a difficult situation due to the impact of COVID-19, and small and medium-sized enterprises (SMEs) and small business owners are experiencing an unprecedented crisis."

The meeting between Chairman Kim and Floor Leader Kim was held in recognition that the role of the 21st National Assembly is more important than ever to overcome the COVID-19 crisis and to encourage active communication with the SME sector. The delegation from the Korea Federation of SMEs, including Chairman Kim and Executive Vice Chairman Seo Seung-won, visited.

Chairman Kim explained, "Eight out of ten SMEs are complaining about sales declines due to domestic demand contraction, and especially companies that have already used guarantees are unable to receive additional guarantees and loans because they are bound by guarantee limits," adding, "The employment shock is also becoming visible."

Kim Ki-moon, Chairman of the Korea Federation of SMEs (first from the left), is meeting Kim Tae-nyeon, Floor Leader of the Democratic Party of Korea (second from the left), at the National Assembly on the 26th, emphasizing the need to expand the limit and relax the requirements for the Employment Retention Subsidy.

Chairman Kim requested that when the 21st National Assembly convenes, the legislative priority be given to reviving the economy and SMEs. The first bill requested by the SME sector for the 21st National Assembly is the amendment of the Win-Win Cooperation Act and the Subcontracting Act, which grants the Korea Federation of SMEs the right to negotiate delivery price adjustments, announced by the ruling party, government, and Blue House in December last year as a fair trade and win-win cooperation measure between large and small businesses.

Chairman Kim said, "It is necessary to guarantee appropriate prices to realize fair procurement in the public market," and added, "The Korea Federation of SMEs is also promoting cooperation with the top 10 conglomerates for win-win cooperation between large and small businesses at the private level." He also requested policy consideration for SME cooperatives, saying, "SME cooperatives are not recognized as SMEs under the Framework Act on Small and Medium Enterprises, which limits their participation in government support policies."

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