Ruling Party and Government Begin Full Discussions on 4th Disaster Relief Fund Supplementary Budget...Who Besides Small Business Owners Will Receive Payments?

Expected to Exceed 1st to 3rd Disaster Relief Funds in Scale
Focus on Whether Employment-Vulnerable Groups Will Receive Disaster Relief Funds

Lee Nak-yeon, leader of the Democratic Party of Korea, is attending the high-level party-government meeting held at the National Assembly on the 20th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jang Sehee] The Democratic Party of Korea and the government have agreed to officially begin discussions on the 4th disaster relief fund immediately after the Lunar New Year holiday, drawing attention to the scale and target of the payments. Since the party and government used the term "blind spots," there is speculation that the recipients will include more than just small business owners.

According to the party and government on the 14th, they will start serious discussions on the 4th disaster relief fund this week. They are considering specific plans regarding the payment scale, recipients, and methods.

A government official stated, "We are examining which areas, including small business owners, have been most affected by COVID-19."

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, also said at the Central Disaster and Safety Countermeasures Headquarters on the 10th, "The government is fully aware of the difficulties faced by self-employed individuals, small business owners, and other affected groups," adding, "We are reviewing thicker support and reinforcement of aid for blind spots."

Considering the recent record-high increase in unemployment and the worsening employment market, it is highly likely that vulnerable employment groups will also be considered for additional support.

However, the Democratic Party is currently demanding that universal payments for economic stimulus be made simultaneously with selective support for affected groups. A party official said, "Universal and selective support should be discussed together at the same table."

The 4th disaster relief fund is expected to be larger in scale than the previous first to third rounds. As COVID-19 damages have accumulated and thicker support has been promised, categories that were not initially included may be added.

Last year, the 1st disaster relief fund was budgeted at 14.3 trillion won, the 2nd at 7.8 trillion won, and this year's 3rd disaster relief fund was set at 9.3 trillion won.

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