Small Business Electricity Bills Cut by Up to 50%... 220.2 Billion Won Supplementary Budget Allocated

Ministry of Industry Confirms 2021 Supplementary Budget
Electricity Bills Reduced by 30-50% Monthly from April to June for Restricted and Prohibited Businesses

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government is allocating a budget of 220 billion KRW to reduce electricity bills by up to 50% for small business owners and small enterprises struggling due to COVID-19.

The Ministry of Trade, Industry and Energy announced on the 25th that the 2021 supplementary budget bill was finalized at 220.2 billion KRW after review by the National Assembly.

The Ministry submitted the supplementary budget bill for the "Temporary Support for Small Business Electricity Bills" to the National Assembly on the 2nd to support small business owners and small enterprises facing accumulated operational difficulties due to prolonged government quarantine measures amid COVID-19. This project supports electricity bills for small business owners and small enterprises subject to government quarantine measures such as business suspension or restrictions for three months from April to June. Businesses under suspension orders (185,000 businesses) will receive 50% of their monthly electricity bill, while businesses under restriction orders (966,000 businesses) will receive 30% of their monthly electricity bill.

Small business owners and small enterprises classified under suspension or restriction orders will receive support through a deduction on their electricity bill starting next month. Detailed procedures such as application methods will be separately announced later through the Korea Electric Power Corporation website.

Meanwhile, the Ministry and KEPCO plan to ease the electricity bill burden for small business owners not covered by this supplementary budget project through the electricity bill payment deferral system operating until June.

An official from the Ministry stated, "We will expedite the execution of the budget and do our best to manage it to maximize the effect of this supplementary budget."

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