Deputy Minister Kang Sung-cheon Checks Preparation Status for Advance Loss Compensation Payment... "Payment by Lunar New Year Holiday"

Kang Sung-cheon, Vice Minister of the Ministry of SMEs and Startups, visited the headquarters of the Small Enterprise and Market Service in Daejeon on the 13th to inspect the work and system preparation status related to the "Advance Payment of Loss Compensation."
[Photo by Ministry of SMEs and Startups]

[Asia Economy Reporter Junhyung Lee] Kang Seongcheon, Vice Minister of the Ministry of SMEs and Startups, visited the Daejeon Small Enterprise and Market Service headquarters on the 13th to check the status of work and system preparations to ensure the smooth implementation of the 'advance payment of loss compensation.'

On the day, Vice Minister Kang reviewed potential situations that could arise at each stage of the loss compensation process, including application, reception, agreement, and payment, and discussed improvement measures. This is to ensure that the advance payment of loss compensation is implemented as scheduled from the 19th of this month and that the compensation can be paid before the Lunar New Year holiday.

The National Information Resources Service of the Ministry of the Interior and Safety also participated in the on-site inspection and reported diagnostic results related to the advance payment system for loss compensation. They also shared plans for future system performance verification and comprehensive inspections.

The advance payment of loss compensation is a new method where a portion of the loss compensation is paid in advance to small business owners and later deducted from the finalized compensation amount. The Ministry of SMEs and Startups will accept applications for loss compensation through the small business policy fund website starting from the 19th of this month.

Vice Minister Kang said, “The Ministry of SMEs and Startups will thoroughly prepare for all situations together with related agencies to ensure that the advance payment of loss compensation is implemented as planned,” adding, “We will make sure that small business owners receive their loss compensation promptly before the Lunar New Year holiday.”

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