President Moon: "20,000 Won Communication Fee, 2 Million Won for Small Business Owners" 7.8 Trillion Won Supplementary Budget (Comprehensive)

Presiding over the 8th Emergency Economic Meeting, Emphasizing 'Customized Support'
Up to 2 Million Won Cash for Small Business Owners and Self-Employed
Communication Fee Support for Ages 13 and Above "A Small Comfort and Sincerity"
Moon "Insufficient but an Inevitable Choice Considering Resources and Effectiveness"

President Moon Jae-in is presiding over the 8th Emergency Economic Meeting at the Blue House on the morning of the 10th.

President Moon Jae-in presided over the 8th Emergency Economic Meeting at the Blue House on the 10th and finalized the preparation of the 4th supplementary budget (supplementary budget) worth 7.8 trillion won to respond to the novel coronavirus infection (COVID-19).

In his opening remarks at the meeting, President Moon said, "We have prepared the 4th supplementary budget worth 7.8 trillion won," adding, "It is a disaster relief-type supplementary budget tailored to support heavily the industries and occupations that have suffered significant damage." He continued, "With 3.8 trillion won, which accounts for half of the total supplementary budget, 3.77 million people will benefit," emphasizing, "Of this, 3.2 trillion won will be provided as cash support of up to 2 million won to 2.91 million small business owners and self-employed individuals."

At the meeting, the supplementary budget plan for vulnerable groups such as small business owners and self-employed people who were directly hit by the resurgence of COVID-19, as well as measures to stabilize livelihoods during the Chuseok holiday, were intensively discussed. The detailed projects were designed to provide tailored support, including communication fee support, new hope funds for small business owners, the second round of emergency employment stabilization subsidies for vulnerable employment groups such as special employment types (SETP) workers, emergency living expenses for low-income households, and child care coupons.

◆ 1.4 trillion won for emergency employment stabilization... Protecting 1.19 million jobs

President Moon said, "We will additionally invest finances to protect jobs that form the foundation of life," adding, "Although we have already supported a special employment safety measure worth 10 trillion won, we will inject an additional 1.4 trillion won to protect 1.19 million jobs amid the ongoing employment crisis." He further added, "Along with the extension of employment retention subsidies, we will additionally provide emergency employment stabilization subsidies for vulnerable employment groups such as special employment workers and freelancers."

President Moon said, "We will provide more meticulous support to low-income vulnerable groups who suffer more in difficult times," adding, "We will significantly relax the requirements to provide emergency living support broadly to those who really need it to maintain their livelihoods." The government expects that 880,000 people who were previously in blind spots will newly receive support through this measure.

Furthermore, President Moon said, "We will ease the burden of long-term non-face-to-face education and social activities even a little," adding, "We extended the family care leave period by 10 days and significantly expanded the special care support recipients who receive 200,000 won each from children under 7 years old to elementary school students, benefiting 5.32 million people."

◆ President Moon: "Communication fees are a small comfort and sincerity from the government"

President Moon also said, "Although the amount is small, we will support communication fees for all citizens aged 13 and over," adding, "It is a small comfort and sincerity from the government for all citizens who find it difficult to have free face-to-face contact and economic activities due to COVID-19."

President Moon said, "I know that the support funds from this supplementary budget are not sufficient for the people struggling with COVID-19 and many who have suffered great damage and face a bleak future," adding, "Since we do not know when COVID-19 will end and have no choice but to issue national bonds to provide support, this is an inevitable choice to maximize effectiveness with limited resources." He continued, "I hope the people will understand this supplementary budget with a spirit of solidarity to help those who are more vulnerable and in greater difficulty first."

The government also issued foreign currency bonds denominated in US dollars and euros worth 1.45 billion dollars. President Moon said, "The euro-denominated foreign currency bond is the first negative interest rate government bond among European countries, and the US dollar-denominated foreign currency bond also has the lowest interest rate ever," adding, "The successful issuance of these ultra-low interest rate, even negative interest rate, foreign currency bonds also shows the strong trust of overseas investors in the Korean economy."

President Moon Jae-in is presiding over the 8th Emergency Economic Meeting at the Blue House on the morning of the 10th.

This Emergency Economic Meeting was held two months after the 7th meeting, which was held on July 14 alongside the Korean New Deal National Report Conference. Immediately after the Emergency Economic Meeting, the government will hold an extraordinary Cabinet meeting presided over by Prime Minister Chung Sye-kyun to finalize the 4th supplementary budget plan and announce the results of the Emergency Economic Meeting through a joint briefing with related ministries in the afternoon.

Meanwhile, as most of the supplementary budget is planned to be financed by issuing deficit bonds, there are criticisms that the original purpose of selective support has been undermined as communication fees and child care support are included. Complaints from citizens excluded from the support targets are also expected to persist.

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