Hong Nam-gi "Extension of National Pension Insurance Payment Exemption for Small Business Owners... Promotion of Electricity Bill Reduction" (Update)

July 24 Emergency Economic Central Meeting Deputy Prime Minister Hong's Opening Remarks
Special Employment Workers Including Study Material Teachers to Start Employment Insurance Enrollment from July

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the 'Emergency Economic Central Countermeasures Headquarters Meeting' held on the 24th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced, "Regarding the three major social insurance premiums?employment, industrial accident, and national pension insurance?payment deferrals for employment and industrial accident insurance, and payment exemptions for national pension insurance will be extended for three months until June." Additionally, the government plans to actively pursue electricity bill reductions in consultation with the ruling party.

On the 24th, at the 30th Emergency Economic Central Countermeasure Headquarters meeting held at the Government Seoul Office, Deputy Prime Minister Hong stated, "We will extend the three-month payment deferral for electricity and gas bills by an additional three months until June."

He also said, "For small business owners in specially affected industries, 30% of the industrial accident insurance premiums for January to March this year will be retroactively reduced, and we plan to actively pursue electricity bill reductions after consultations with the ruling party. Accordingly, the Ministry of Economy and Finance will coordinate with the Ministry of Trade, Industry and Energy, the supervising ministry, before finalizing arrangements with the ruling party."

Furthermore, the government plans to announce next week whether to extend the loan and guarantee maturity extensions and interest repayment deferrals in the financial sector.

Deputy Prime Minister Hong added, "We will decide and announce the additional extension of maturity extension and repayment deferral measures next week, and also announce a soft-landing plan to prevent the repayment burden of principal and interest from concentrating all at once when support ends. We expect the financial sector to form a consensus and actively participate."

The government announced that from July, employment insurance enrollment for special types of workers (Special Employment Types, or SEWs), such as private tutors, will begin. The insurance premium rate for SEWs has been set at 1.4%, lower than the 1.6% rate for regular employees.

Deputy Prime Minister Hong stated, "Following artists, employment insurance enrollment for SEWs is scheduled to begin on July 1 this year. We will ensure thorough preparation for the July implementation, including the establishment of enforcement ordinances, and will form a social dialogue body in the first half of the year to carefully prepare employment insurance application plans for self-employed workers."

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