President-elect Yoon Orders "Swift Preparation of COVID-19 Poverty Escape Measures"... Supplemental Budget Request Possible Within Current Administration

Clearly Emphasizing Industrial Growth Focus... "Education Policy and Labor Reform Must Be Established in Step"

President-elect Yoon Suk-yeol is attending the transition committee secretariat meeting held at the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul on the 22nd, delivering opening remarks. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Kim Hyemin] President-elect Yoon Seok-yeol has instructed to swiftly prepare compensation measures for small business owners and self-employed individuals affected by COVID-19, including a supplementary budget (추경). He also demanded the establishment of education policies and labor reform plans to support industrial advancement policies.

On the morning of the 22nd, President-elect Yoon held his first secretariat meeting at the transition office in Tongui-dong, Seoul, and requested, "Please create a concrete program for compensating small business owners and self-employed individuals for losses caused by COVID-19."

He also reaffirmed the supplementary budget policy for loss compensation. President-elect Yoon said, "If possible, we can request a supplementary budget from the current government," adding, "If it is not accepted, the new government must promptly prepare the supplementary budget upon its inauguration." He emphasized, "We must quickly prepare measures to escape poverty."

Emergency relief to overcome COVID-19 has been a top priority pledge emphasized by President-elect Yoon. He pledged to secure more than 50 trillion won in fiscal funds to fully compensate self-employed individuals and small business owners for their losses. Even after his election, he ranked the 'COVID-19 measures,' from transitioning the quarantine system to loss compensation, as the top national agenda.

Regarding the COVID-19 quarantine system, President-elect Yoon requested, "There is an analysis that the spread has peaked; please prepare a scientific quarantine system accordingly." He urged, "The government must meticulously prepare a scientifically based quarantine system to be implemented immediately upon its inauguration."

He reiterated the growth-centered policy stance. President-elect Yoon stated, "Resolving polarization is difficult without leapfrog growth," and added, "We should not accept the ultra-low growth trend as inevitable in governance but need industrial policies that enhance industrial productivity for leap and growth." He instructed to also prepare education policies and labor reforms aligned with the industrial growth trend. He requested, "We must build and strongly promote education policies that correspond to industrial policies and supporting labor reforms as one, and have in-depth discussions among related committees."

President-elect Yoon emphasized the need to closely examine the impact of the Ukraine crisis on South Korea's economy and industrial momentum. He added, "Please carefully prepare the issues that need to be requested from the current government and the countermeasures that must be implemented immediately after the new government takes office."

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