Deputy Minister of Economy and Finance: "Aim to Disburse Over 80% of 4th Disaster Relief Fund Budget by End of May"

Deputy Minister of Economy and Finance "Aiming to Disburse Over 80% of the 4th Disaster Relief Fund Budget by the End of May"

Ahn Il-hwan, the 2nd Vice Minister of the Ministry of Economy and Finance, speaking at the 2nd Emergency Fiscal Management Inspection Meeting on the morning of the 26th at the Government Seoul Office in Jongno-gu, Seoul. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] The government announced that it will accelerate the disbursement speed to ensure that more than 80% of the KRW 7.3 trillion budget for major cash support programs, including the Small Business Owner Buttress Plus Fund and the Emergency Employment Stability Support Fund, allocated in the supplementary budget (4th disaster relief fund), is paid out by the end of May.

On the morning of the 26th, Ahn Il-hwan, Vice Minister of Strategy and Finance, held an emergency fiscal management inspection meeting at the government Seoul office and established and confirmed this supplementary budget execution plan.

Vice Minister Ahn said, "We will focus administrative efforts to ensure that support funds are paid first to 4.83 million self-employed and small business owners who are struggling with their livelihoods due to COVID-19."

The Buttress Plus Fund, which provides KRW 1 million to 5 million to 3.85 million small business owners (KRW 6.7 trillion), will begin accepting applications and payments from the 29th.

The Emergency Employment Stability Support Fund (KRW 450 billion), which provides KRW 500,000 to 1 million to 800,000 vulnerable workers such as special-type contract workers (teukso) and freelancers, will start accepting applications from today and plans to begin payments from the 30th.

As with the 2nd and 3rd disaster relief funds, those included in the database (DB) of eligible recipients for this 4th disaster relief fund can receive funds through a simple application process without submitting separate documents.

The KRW 700,000 support fund (KRW 80.5 billion) for 115,000 corporate taxi and charter bus drivers will accept applications from early next month, undergo screening and verification, and begin payments from early May.

The KRW 500,000 support fund (KRW 30 billion) for 60,000 visiting and care workers will also accept applications from early next month, but payments are expected to start from mid-May.

Although not a cash support program, the KRW 1.8 trillion budget for creating 255,000 jobs will begin execution from mid-April to provide jobs for youth, middle-aged workers, women, and others.

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