Yeo "Disaster relief funds to be paid before Chuseok... Loss compensation to start from late October"

[Asia Economy Reporter Oh Ju-yeon] The Democratic Party of Korea has set the timing for disaster relief payments to be before Chuseok in September. Compensation for losses suffered by small business owners due to COVID-19 will be paid starting from the end of October.

[Image source=Yonhap News]

On the 27th, Park Wan-joo, chairman of the Democratic Party's Policy Committee, announced this during the party floor meeting held at the National Assembly in the morning, saying, "We deeply regret that we cannot provide disaster relief payments to all citizens."

Chairman Park stated, "Single-person households with an annual income of 50 million won or less, and those who paid health insurance premiums in June of 143,900 won or less for workplace subscribers and 136,300 won or less for regional subscribers, will all receive 250,000 won in disaster relief payments." He added, "The same applies to two-person households, where workplace subscribers paying 247,000 won or less and regional subscribers paying 240,400 won or less in June health insurance premiums are eligible."

Recipients of the disaster relief payments can apply online or offline and choose the payment method, such as local gift certificates. Chairman Park conveyed, "As the President also mentioned, everyone is facing difficulties, but we ask for understanding from those who are relatively better off for the sake of those who are more vulnerable." He said, "The timing of the payment will be decided considering the spread of COVID-19, and we will prepare to make the payments before Chuseok."

Regarding compensation for small business owners' losses, a Loss Compensation Deliberation Committee will be held on October 8, the date the law takes effect, for losses incurred after July 7, and compensation payments are planned to begin at the end of October.

Chairman Park said, "The second supplementary budget was passed during the plenary session that continued until dawn on Friday and Saturday (the 23rd and 24th). To respond swiftly to the changing COVID-19 situation, we increased the government’s supplementary budget by 1.9 trillion won. This allows for an additional 1 trillion won for the Hope Recovery Fund for small business owners and 400 billion won more for loss compensation."

Regarding the Hope Recovery Fund supporting small business owners affected, he explained, "Compared to the original plan, an additional 650,000 small business owners will benefit. From August 16 last year to June 30 this year, small business owners and self-employed individuals who suffered losses due to quarantine measures will receive support ranging from 500,000 won to a maximum of 20 million won, considering the period of business suspension and the scale of damage." He added, "From August 17, payments will be made promptly."

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