Yoon: "Compensation for Quarantine Losses Is a State Obligation, Up to 10 Million Won Provided" (Update)

First Temporary Cabinet Meeting in Yongsan... "Please Do Your Best in the National Assembly Review and Execution Process"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] On the 12th, President Yoon Seok-yeol held an extraordinary Cabinet meeting and approved a supplementary budget bill focused on COVID-19 loss support for small business owners. President Yoon stated, "It is the nation's duty to compensate the losses incurred by the people during the implementation of COVID-19 quarantine measures," adding, "As promised, we will provide loss compensation payments ranging from a minimum of 6 million KRW to a maximum of 10 million KRW to small business owners."

That afternoon, President Yoon convened the extraordinary Cabinet meeting at the Presidential Office in Yongsan, Seoul, to review and approve the supplementary budget bill, explaining, "We secured the funds without issuing additional government bonds by restructuring expenditures and utilizing excess tax revenues."

This supplementary budget, the second this year, amounts to 59.4 trillion KRW, making it the largest ever. The core of the bill is to provide additional loss compensation payments worth between 6 million KRW and 10 million KRW to small business owners affected by COVID-19 quarantine measures. President Yoon emphasized, "If we do not put out the urgent fire right now, it could jeopardize fiscal soundness with larger welfare costs in the future, so timely loss compensation payments must be made to those in need."

He particularly urged, "I ask all ministers to do their best during the National Assembly's review and execution process so that the supplementary budget passes swiftly and compensates the losses of small business owners." President Yoon explained, "As I have always emphasized, compensating the losses incurred by the people during the implementation of COVID-19 quarantine measures is the nation's duty," adding, "If the government restricts the exercise of citizens' property rights and fails to properly compensate losses, it is difficult to consider it a true rule-of-law state."

During his first Cabinet meeting, President Yoon also expressed, "I promised to return the Blue House to the people and communicate closer to them, and I am pleased to take the first step." However, the meeting included non-political ministers appointed during the previous Moon Jae-in administration, such as Minister of Land, Infrastructure and Transport Noh Hyung-wook and Minister of Health and Welfare Kwon Deok-cheol, who attended to meet the quorum for approval.

A key official from the Presidential Office explained, "This Cabinet meeting was the first in the Yongsan era, and the formal Cabinet meetings will be held at the Sejong Government Complex once the cabinet formation is complete," adding, "Although not all Cabinet members have been appointed, we made quick decisions based on pragmatism and with the cooperation of previous government Cabinet members."

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