Supplementary Budget of 15 Trillion Won Passed in Plenary Session... Expanded Support for Travel, Performance Industries, and Small-scale Farmers (Update)

Travel and Performance Industries, Indoor Sports Businesses, Charter Buses, etc.
Expanded Support for COVID-19 Affected Sectors

National Assembly Main Chamber. / Photo by Dongju Yoon doso7@

[Asia Economy Reporter Hyunju Lee] The supplementary budget bill worth 15 trillion won, allocated for the payment of the 4th disaster relief fund, passed the National Assembly plenary session on the 25th.

According to the National Assembly, the 4th disaster relief fund amounts to 20.7 trillion won, about 1.2 trillion won more than the government's original proposal of 19.5 trillion won. The ruling and opposition parties agreed to cut 280 billion won from the supplementary budget's job projects and to secure the remaining 1.16 trillion won through expenditure restructuring of the existing budget.

The reason for the increase in the disaster relief fund is that the National Assembly agreed to expand support for industries severely affected by COVID-19, such as the travel industry, performing arts, indoor sports sectors, charter buses, and fruit and flower farms, beyond the government's submitted plan.

Specifically, small business owners and self-employed individuals affected by COVID-19 will receive support ranging from 1 million to 5 million won. For 1.15 million small business owners, 30-50% of their electricity bills will be discounted for three months. Support for industries with an average sales decline of over 60%, including the travel industry, has increased from 2 million won in the government plan to 3 million won. Industries with a sales decline of over 40%, including performing arts, will receive 2.5 million won. Additionally, small-scale farms with a cultivation area of less than 0.5 hectares will receive disaster relief vouchers worth 300,000 won each.

The supplementary budget also includes emergency employment stabilization funds for special types of workers and freelancers, 700,000 won support for taxi drivers affiliated with corporations, 500,000 won livelihood support for marginal working poor, and 500,000 won income stabilization support for street vendors registered as business operators. Charter bus drivers will also receive a new 700,000 won support, the same as corporate taxi drivers, and 125 billion won worth of special guarantee loans will be supplied to bus companies including charter and route buses.

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