Vice Minister Ki Jae: "Chuseok Livelihood Stabilization Measures to be Announced Next Month... Focus on Establishing Safety Devices"

The 23rd Innovation Growth Strategy Review Meeting and Policy Review Meeting and the 9th Price-Related Vice Ministers' Meeting
"Jobs are the foundation of people's livelihood... Maximizing the use of 399.6 billion won in contingency funds for employment stability support"

Kim Yong-beom, Vice Minister of Strategy and Finance, is delivering opening remarks while presiding over the "23rd Innovation Growth Strategy Review Meeting, Policy Review Meeting, and 9th Price-related Vice Ministers' Meeting" held on the 28th at the Government Seoul Office in Gwanghwamun, Seoul.

[Sejong=Asia Economy Reporter Kim Hyunjung] Kim Yongbeom, the 1st Vice Minister of the Ministry of Economy and Finance, announced on the 28th that a Chuseok holiday livelihood stabilization plan will be prepared and announced next month.

On the morning of the same day, Vice Minister Kim presided over the 23rd Innovation Growth Strategy Review Meeting, the Policy Review Meeting, and the 9th Price-Related Vice Ministers' Meeting held at the Government Seoul Office in Gwanghwamun, Seoul, and said in his opening remarks, "We will prioritize establishing safety measures to thoroughly manage the increased face-to-face contact among families and the COVID-19 risks due to large-scale movement during the Chuseok holiday period."

He added, "We will actively seek ways to alleviate the burdens on ordinary citizens whose lives have been made difficult by COVID-19 and ensure that everyone can feel the warmth of the holiday. In particular, we will spare no effort to prepare financial and tax support measures to ease the difficulties of self-employed individuals and small business owners whose worries have increased due to COVID-19 ahead of Chuseok."

The government also plans to accelerate support for employment retention in response to COVID-19. So far, the government has been implementing employment stabilization measures worth 12 trillion won through three supplementary budgets in addition to the main employment budget of 25.5 trillion won. In particular, employment retention subsidies have been paid to about 63,000 workplaces and 637,000 workers. Recently, the designation period for eight special employment support sectors was extended by six months, and the support period for employment retention subsidies in these sectors was extended by 60 days. The emergency employment stabilization subsidy has received applications from 1.76 million people, far exceeding initial expectations, representing the livelihood difficulties of special employment support sectors, freelancers, and small self-employed business owners, Vice Minister Kim explained.

He continued, "We will operate an Employment Stability Field Support TF to provide guidance on employment retention-related systems and conduct consulting. We will make full use of available resources such as the 399.6 billion won contingency fund approved at the Cabinet meeting and the transfer of unused budgets to promptly and thoroughly support all eligible applicants." He added, "With a firm belief that 'jobs are the foundation of people's livelihood,' we will regularly review overall employment policies and swiftly supplement and expand them according to the changed employment situation."

Support periods for small business owners and SMEs expected to face difficulties under social distancing level 2 will be extended. Vice Minister Kim said, "Through close consultations with the financial sector, we have extended the deadlines for maturity extensions and interest repayment deferrals for small business owners and SMEs to prevent sudden financial difficulties. We have also extended various facility usage fee and commercial facility rent reductions and deferrals to help the aviation industry endure." He added, "We will carefully examine the impact of concerns about the resurgence of COVID-19 on vulnerable groups and industries and supplement any shortcomings in existing policies."

He further mentioned that the K-quarantine system is recognized as one of the most effective alternatives in fighting COVID-19 in the absence of vaccines and treatments, emphasizing that its effectiveness was achieved through the voluntary understanding and cooperation of the public willing to sacrifice personal freedom. Vice Minister Kim added, "Now is the time for everyone to act thoughtfully and considerately, taking neighbors and society as a whole into account."

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