Prime Minister Jeong: "3rd Disaster Relief Fund to be Provided in January... A Rainfall for Small Business Owners' Drought"

Mentioned on Facebook... "Promoting Rent Support for Small Business Owners and Employment-Vulnerable Groups"

Prime Minister Chung Sye-kyun held an emergency press briefing on the 29th at the briefing room of the Government Seoul Office in Jongno-gu, Seoul, announcing strengthened quarantine measures related to the third wave of the novel coronavirus infection (COVID-19). / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] Prime Minister Chung Sye-kyun stated on the 27th, "The government is preparing a detailed implementation plan so that the 3rd disaster relief fund can be provided to more citizens in greater need by next month."

On the same day, Prime Minister Chung said through his Facebook that the ruling party, government, and the Blue House are discussing tailored support measures to counter the spread of the novel coronavirus infection (COVID-19), including the 3rd disaster relief fund payment plan.

He conveyed, "According to a recent report released by the Korea Development Institute (KDI), the first round of disaster relief funds provided by the government led to a 26.2~36.1% increase in consumption."

He added, "Compared to the consumption increase rates from government support funds in major countries worldwide?25% in the United States, 15% in Japan, and 25% in Taiwan?the 30% consumption stimulation effect is by no means a small figure."

He also said, "For small business owners and micro self-employed individuals who are struggling and facing difficulties, this is like a seed of hope in a drought," and stated, "We will promote rent support and income compensation measures targeting small business owners and employment-vulnerable groups who have been severely affected by COVID-19."

Prime Minister Chung said, "Soon, the ruling party, government, and the Blue House will carefully discuss and report the details to the public," and added, "We will execute the plan swiftly so that it can be delivered to the citizens in need as soon as possible."

The government is currently pursuing a plan to support small business owners and self-employed individuals with up to 3 million won, including rent. When combined with an employment stability package for vulnerable groups such as special-type workers (teukgo), the scale of the 3rd disaster relief fund is estimated to approach 5 trillion won.

Measures such as expanding tax deductions for 'good landlords' who voluntarily reduce rent and increasing policy financial support for small business owners are also being coordinated.

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