Deputy Minister of Economy and Finance: "Korean New Deal to Serve as a Turning Point from Inequality to an Inclusive Society"

Kim Yong-beom, Deputy Minister of Economy and Finance, Chairs the 1st Meeting of the Safety Net Enhancement Subcommittee

Kim Yong-beom, Vice Minister of Strategy and Finance, is delivering opening remarks while presiding over the 'Korean New Deal Advisory Group Appointment and Safety Net Enhancement Subcommittee 1st Meeting' held on the 15th 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 15th that he appointed the Korean New Deal advisory group and intends to use this New Deal project as an opportunity to firmly transition to an inclusive society.

On the same day, Vice Minister Kim presided over the first meeting of the Safety Net Strengthening Division at the Government Seoul Office in Gwanghwamun, Seoul, stating, "The comprehensive plan for the Korean New Deal plans to invest about 27 trillion won by 2025 in strengthening the safety net." He explained, "In the process of overcoming the past foreign exchange crisis and the global financial crisis, aftereffects such as employment instability and polarization remained. However, in this crisis recovery process, we aim to properly reinforce the vulnerable aspects of our labor market and welfare system revealed so far and use this as an opportunity to firmly transition from a society of inequality to an inclusive society."

He added, "We also plan to gradually expand the scope of employment insurance enrollment to all working citizens through this Korean New Deal," and "We are currently operating an inter-ministerial task force related to establishing an income information identification system to timely grasp accurate income information of the people in connection with the nationwide employment insurance promotion."

Furthermore, he emphasized, "The establishment of the income information identification system is not only infrastructure for promoting nationwide employment insurance but also a data foundation for establishing and implementing various economic and social policies, making it a very important task," and "The systematic establishment of the income information identification system is expected to greatly alleviate difficulties in the policy-making and implementation processes in various fields related to employment and welfare."

Regarding the 4th supplementary budget (supplementary budget) formulation, he said, "Considering that it is unknown when COVID-19 will end and that resources must be procured through national bond issuance, a customized package focusing more intensively on severely affected groups has been prepared," and "We plan to establish a rapid delivery system so that this measure can serve as an emergency safety net for those whose livelihoods are threatened."

Regarding support for small business owners, he explained, "We will introduce a procedure to make advance payments based on value-added tax sales report administrative information and verify afterward," and "We plan to prepare guidelines on support criteria and inform whether one qualifies for support through a call center."

He continued, "The National Assembly is also gathering consensus for the swift processing of the 4th supplementary budget," and "The government will make every effort to ensure that as many support funds as possible are paid before Chuseok."

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