16.9 Trillion Won Supplementary Budget Passed in Plenary Session... 3.32 Million People to Receive 3 Million Won in Quarantine Support Funds (Comprehensive)

Expansion of Loss Compensation Rate to 90%
Emergency Employment Stability Support Fund for Special Types of Workers and Freelancers

[Asia Economy Reporter Oh Ju-yeon] The National Assembly approved the first supplementary budget (supplementary budget) of this year, amounting to 16.9 trillion won, on the 21st.

On the 21st, the ruling and opposition parties reached a last-minute agreement to reduce the government's original proposal of 14 trillion won by 400 billion won in contingency funds and increase it by 3.3 trillion won, resulting in a net increase of 2.9 trillion won and passing a supplementary budget of 16.9 trillion won.

[Image source=Yonhap News]

This supplementary budget includes ▲ a 90% loss compensation rate and expansion of eligible industries ▲ emergency employment stabilization support for special employment workers and freelancers ▲ expanded support for the cultural and artistic sectors.

The 3 million won quarantine support fund target was expanded from 3.2 million small business owners and self-employed persons included in the original government proposal to 3.32 million, adding 120,000 people. This includes 100,000 simplified taxpayers who had difficulty proving sales decline and 20,000 businesses with annual sales between 1 billion and 3 billion won that experienced a decrease in sales.

The loss compensation adjustment rate was increased from the existing 80% to 90%, and restaurants and cafes that implemented density reduction measures such as installing partitions were also included in the loss compensation target.

Emergency employment stabilization support funds of 1.5 million won each were allocated to 680,000 special employment workers (특고, teukgo) and freelancers, including tutors and caddies, as well as 76,000 corporate taxi drivers and 86,000 charter and route bus drivers.

Temporary support funds of 1 million won will be provided to low-income cultural and artistic workers.

Additionally, 368,000 care workers will receive 200,000 won, 60,000 family care recipients will receive 50,000 won per day, and 6 million vulnerable groups for quarantine, including low-income households and daycare children, will be supported with self-diagnosis kits and other items.

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