O Sehee, President of Sogongyeon, "50 Trillion Loss Compensation Urgently Needed... More Than 25 Trillion Must Pass in This Supplementary Budget"

Ruling and Opposition Party Leaders Attend Small Business Federation President Inauguration Ceremony
(Seoul=Yonhap News) Justice Party leader Yeo Young-guk (from left), Small Business Federation President Oh Se-hee, Democratic Party floor leader Yoon Ho-jung, and People Power Party leader Lee Jun-seok enter the inauguration ceremony for the 4th Small Business Federation President held on the 15th afternoon at the Grand Ballroom on the 2nd floor of the 63 Building Convention Center in Yeouido, Seoul. 2021.12.15 [Photo by National Assembly Press Photographers Group]
uwg806@yna.co.kr
(End)


＜Copyright(c) Yonhap News Agency, Unauthorized reproduction and redistribution prohibited＞

[Asia Economy Reporter Lee Junhyung] "For the 50 trillion won support plan for small business owners to materialize, first, half of it, 25 trillion won, must be passed in this supplementary budget. The fate of small business owners depends on this supplementary budget."

Oh Sehee, president of the Korea Federation of Small and Medium Business, stated this on the 18th at the 'Korea Federation of Small and Medium Business New Year Meeting' held at the CCMM Building in Yeouido, Seoul. The New Year event was attended by numerous political figures, including Kwon Chilseung, Minister of SMEs and Startups, Lee Jae-myung, the Democratic Party presidential candidate, and Yoon Seok-youl, the People Power Party presidential candidate.

Prime Minister Kim Boo-kyum said in a congratulatory message, "No one can be unaware that small business owners have been going through the most difficult and painful times due to COVID-19 for two consecutive years," adding, "We will never forget the pain and sacrifice of small business owners and will surely repay them."

Minister Kwon said, "Last year, our country achieved quantitative results that surprised not only the world but ourselves," and added, "Behind these remarkable achievements were the tears of small business owners." He continued, "To overcome the COVID-19 crisis and move toward a new future, the government's efforts along with the wisdom and cooperation of small business owners are essential," and added, "The Ministry of SMEs and Startups will listen carefully to the voices of small business owners and do its best to resolve their difficulties."

Lee Jae-myung, the Democratic Party presidential candidate, is giving a greeting speech at the 'Small Business Federation New Year's Meeting' held on the 18th at the CCMM Building in Yeouido, Seoul. On this day, Lee stated, "Losses that inevitably occur due to government orders must be legally compensated," and added, "It is necessary to expand support to include sales as well."
[Photo by Lee Jun-hyung]

President Oh emphasized "100% compensation for losses." He said, "Small business owners and self-employed individuals are the biggest victims of the COVID-19 crisis and are pushed to the brink of survival," adding, "We must instill hope for recovery by providing 100% full compensation for losses to small business owners who are struggling due to strict business restrictions and the vaccine pass system."

Additionally, President Oh said, "In countries like Germany, Canada, and Japan, the loss compensation system for small business owners is clearly functioning with definite compensation for fixed costs such as rent and labor costs," and added, "Presidential candidates have also mentioned direct support ranging from 50 trillion to 100 trillion won and have promised full loss compensation, support compensation for affected businesses, and advance compensation." He further stated, "To alleviate the burden on small business owners caused by interest rate hikes, urgent measures such as extending the maturity of small business debts and introducing a Korean-style PPP system for debt forgiveness are also desperately needed."

Yoon Seok-yeol, the presidential candidate of the People Power Party, is delivering a greeting at the 'Small Business Federation New Year's Meeting' held on the 18th at the CCMM Building in Yeouido, Seoul. Candidate Yoon stated, "Since August last year, I have insisted that losses related to public interest administrative measures should be compensated," and added, "A budget of 50 trillion won is needed for the first phase."
[Photo by Lee Jun-hyung]

The political circle also holds the position that full loss compensation must be provided. Candidate Lee Jae-myung said, "Losses inevitably caused by government orders must be legally compensated," and argued, "It is necessary to expand support to include sales as well." He added, "The current government supplementary budget is about 14 trillion won, which I think is too small," and said, "If the ruling and opposition parties agree to increase it, I don't think the government would oppose it."

Candidate Yoon Seok-youl said, "Since August last year, I have insisted that losses related to public administrative measures should be supported," and stated, "A budget of 50 trillion won is needed as the first step." He added, "The People Power Party recently proposed a bill to provide support retroactively as well as for losses due to personnel restrictions and business closures," and said, "We ask the Democratic Party to cooperate for the prompt passage of the bill."

President Oh argued that political support is needed for tasks promoted by the Korea Federation of Small and Medium Business, such as the introduction of a small business mutual aid system. He said, "The introduction of a small business specialized mutual aid system is essential," and insisted, "A small business policy research institute should also be established to strengthen policy capabilities." He continued, "Political support is needed for establishing a small business policy research institute for comprehensive surveys and research related to small business owners and for building a management safety net," and emphasized, "Along with the formation of a small business exclusive town, a small business welfare center that will serve as a hub for integrated support, including the small business policy research institute and welfare support center, is also necessary."

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