Ahn Il-hwan, Deputy Minister of Economy and Finance, "Customized Damage Support Measures, 90% Payment Before Lunar New Year Holiday"

Ahn Il-hwan, 2nd Vice Minister of Strategy and Finance. (File photo)

[Sejong=Asia Economy Reporter Joo Sang-don] An Il-hwan, Vice Minister of Strategy and Finance, stated on the 30th, "The customized damage support measures will begin payments on January 11 next year, aiming to provide support to about 90% of approximately 5.8 million beneficiaries before the Lunar New Year holiday."

On this day, Vice Minister An made these remarks while presiding over the '26th Fiscal Management Inspection Meeting' held at the Government Seoul Office.

Earlier, on the 29th, the government announced a customized damage support plan worth a total of 9.3 trillion won through the 24th Economic Central Disaster and Safety Countermeasures Headquarters meeting. It plans to provide 4.1 trillion won in support funds to 2.8 million small business owners severely affected by the novel coronavirus infection (COVID-19), and 500 billion won to 870,000 vulnerable employment groups, including 700,000 special-type workers and freelancers, 90,000 visiting and care service workers, and 80,000 corporate taxi drivers. Additionally, a separate customized support package worth 2.9 trillion won has been prepared to help early recovery for groups urgently needing support due to the prolonged COVID-19 situation, such as small business owners, small and medium enterprises, workers and unemployed individuals, households in livelihood crises, and households with caregiving burdens.

Vice Minister An emphasized, "Now that the customized damage support measures have been prepared, the remaining task is rapid fiscal execution," and urged, "To this end, the responsible ministries and related agencies should thoroughly prepare in advance by announcing detailed project execution plans, confirming eligible recipients for rapid payment, sending notification messages, and opening the application website."

He added, "Next year, fiscal policy must play an active role in supporting both the economy and quarantine efforts to ensure a swift and definite economic rebound. We plan to execute 63.0% of the budget under management in the first half of the year, the highest level ever, and concentrate job-related budgets such as employment retention subsidies in the first quarter of next year."

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