Yoon Suk-yeol: "COVID-19 Loss Compensation May Require More Than 50 Trillion Won"

Regarding the Supplementary Budget Proposal, "Both the Ruling and Opposition Parties Must Agree"

[Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] Yoon Seok-yeol, the presidential candidate of the People Power Party, hinted at the possibility of increasing the COVID-19 loss compensation, saying, "If COVID-19 does not subside and, for example, expands further due to a variant virus, the 50 trillion won I mentioned is based on August, and there is a possibility that more fiscal funds will need to be投入."

On the 10th, at a meeting with young small business owners held at a cafe in Gangneung, Yoon responded to a citizen's question about practical loss compensation plans for small business owners and self-employed people, saying, "Kim Jong-in, the general election committee chairman of our party, said we should expect about 100 trillion won."

He said, "COVID-19 quarantine is an issue that aligns with the public interest of the nation and society, so for business restrictions for quarantine, legally considered public or common restrictions, loss compensation should be provided from the government budget."

He added, "Now that technology such as data and AI has advanced, if I take office in the next government, preparations will be made immediately from the transition committee period," and said, "First, with an initial cost of 50 trillion won, about 43 trillion won for loss compensation, about 5 trillion won for loan support, with the government bearing the credit guarantee fund fees, since credit ratings have already fallen making it difficult, loan support will be provided, and several trillion won will be used for re-startup support and education."

Yoon said, "There are questions about where we will raise and spend this fiscal fund, but if the government does not immediately reach out to rescue these people, they will all become welfare recipients," adding, "Then the funds will inevitably be spent anyway. Therefore, we must provide very prompt and sufficient compensation so that these people can stand on their own."

After the meeting, he reiterated to reporters, "If I am elected and inaugurated, I will prepare from the transition committee period and complete the compensation work within 100 days."

Regarding the supplementary budget bill demanded by the ruling party, he said, "When I first mentioned 50 trillion won, the Democratic Party of Korea attacked me as populism. But it seems they judged that it would not work no matter how much they thought about it," adding, "While the law must be passed by the National Assembly, the budget bill is submitted by the government. The government must persuade President Moon Jae-in to submit the budget bill, and then the ruling and opposition parties must reach an agreement."

On the atmosphere opposing the supplementary budget bill within the party, he said, "For small business owners and self-employed people, it’s just that bombs didn’t explode and gunfire wasn’t heard, but for them, this is a war," and added, "In an emergency, I think the National Assembly and government must make truly extraordinary decisions and choices."

Regarding the timing of loss compensation, he said, "The sooner, the better. Even if I don’t win the election and become president to start it, if this government changes its stance and implements it quickly, that would be good," adding, "However, it should not be a universal handout before the election, but if the government takes the lead to rationally set and distribute the damage amount by indexing and grading, the sooner, the better."

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