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[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Kwon Chil-seung, nominee for Minister of SMEs and Startups, expressed the opinion that both the legalization of the loss compensation system and the provision of the 4th disaster relief fund are necessary.

Kwon Chil-seung, nominee for Minister of SMEs and Startups, appeared at the confirmation hearing held by the National Assembly's Industry, Trade, Energy, SMEs and Startups Committee on the morning of the 3rd.

At the hearing, Yoon Young-seok, a member of the People Power Party, asked Kwon, "Do you think loss compensation is in the form of disaster relief funds, or are you referring to loss compensation based on a special law under Article 23 of the Constitution?"

In response, Kwon said, "I think both are necessary," but emphasized, "Right now, speed is a very important factor." He added, "I think it will take considerable time to legalize the loss compensation system and actually pay it to the recipients."

When Rep. Yoon confirmed, "So you mean both the disaster relief fund method and compensation through the enactment of the loss compensation law are necessary?" Kwon replied, "It should be a two-track approach."

He continued, "Whether it is compensation or disaster relief funds, I believe that finding a method that can be implemented quickly is the right approach in the current situation."

Kwon also responded to a question from Lee Ju-hwan of the People's Party, saying, "We need to find the method that helps those experiencing difficulties the most," and added, "The procedures and methods will be extremely complicated. We should not get too caught up in that."

When Lee asked, "Are you saying that rapid support is needed rather than legal amendments?" Kwon stated, "I believe it must be done by any means necessary."

When Lee asked, "How much do you estimate the amount to be?" Kwon avoided answering directly, saying, "There are various ways to calculate loss compensation." He added, "It could be based on sales or operating profit, and I think there will be a wide range of opinions."

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