Transition Team "Need to Discuss Increasing Disaster Relief Fund Size and Strengthening Loss Compensation Criteria"

by Oh Jooyean

Published 06 Apr.2022 20:01(KST)

Incoming Committee COVID-19 Special Task Force Receives Report on Estimated Damage and Loss Scale for Small Business Owners

[Asia Economy Reporter Oh Ju-yeon] On the 6th, the Presidential Transition Committee held the 8th meeting of the COVID-19 Emergency Response Special Committee to discuss the need to increase the scale of additional disaster relief funds and strengthen the criteria for loss compensation.

At the meeting, the Transition Committee's COVID-19 Special Committee received reports from related ministries including the Ministry of SMEs and Startups, the Ministry of Employment and Labor, and the National Tax Service on the estimated cumulative loss scale related to COVID-19, necessary improvements, and future compensation plans.

The Special Committee reiterated the importance of estimating the scale of losses, which can be considered the foundation of "full loss compensation," and discussed the need for further review and supplementation. It was suggested that more detailed analysis by region (basic local governments) is necessary, and that the required financial scale for loss compensation without blind spots should be accurately estimated, taking into account the scale of government support provided so far.

Additionally, based on the estimated data reported that day, there was consensus on the need to discuss practical support measures such as increasing the scale of additional disaster relief funds and strengthening the criteria for loss compensation. It was explained that it is desirable to explore various and differentiated support measures together, such as customized debt adjustment and tax credits, so that small business owners can establish self-sustainability and grow.