Ruling Party and Government: "Convert Variable to Fixed Interest Rates for Homes Under 400 Million Won, Import 940,000 COVID-19 Treatment Doses"

Labor Shortage in Rural Areas, 50,000 Foreign Workers to Arrive Early

Prime Minister Han Duck-soo and Kwon Seong-dong, Acting Party Leader and Floor Leader of the People Power Party, along with other attendees, are taking a commemorative photo at the 2nd High-level Party-Government Consultation held on the 17th at the Prime Minister's Official Residence in Samcheong-dong, Seoul. From the left: Oh Yu-kyung, Commissioner of the Ministry of Food and Drug Safety; Choi Sang-mok, Senior Secretary for Economic Affairs to the President; Ahn Sang-hoon, Senior Secretary for Social Affairs to the President; Song Eon-seok, Deputy Floor Leader of the People Power Party; Kim Dae-gi, Chief Secretary to the President; Jeong Ki-seok, Advisory Committee Member for National Infectious Disease Crisis Response; Han Duck-soo, Prime Minister; Kwon Seong-dong, Acting Party Leader and Floor Leader of the People Power Party; Sung Il-jong, Chair of the Policy Committee; Yang Geum-hee, Floor Spokesperson; Lee Jin-bok, Senior Secretary for Political Affairs to the President; and Bang Moon-gyu, Director of the Office for Government Policy Coordination. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Hyunju Lee] The People Power Party and the government have decided to convert variable interest rates to fixed rates in September for homeowners with properties valued under 400 million won. Additionally, to prepare for a resurgence of COVID-19, they plan to procure treatments for 940,000 people by the first half of next year. To address labor shortages in the agriculture, fisheries, and manufacturing sectors, measures have been taken to allow early entry of 50,000 foreign workers.

On the 17th, the party and government held the 2nd High-level Party-Government Council at the Prime Minister's Seoul residence, where they discussed tasks related to stabilizing prices and public livelihood, and announced these measures.

Considering the impact of interest rate hikes, for those who purchased homes under 400 million won with loans, variable interest rates will be converted to fixed rates in September. Interest rates currently in the 5-6% range are expected to decrease to around 4%.

In preparation for a potential COVID-19 resurgence, an additional 4,000 hospital beds will be secured to accommodate approximately 300,000 confirmed cases, and treatments for 940,000 people will be procured by the first half of next year.

At a briefing following the High-level Party-Government Council, party floor spokesperson Yang Geum-hee explained, "We have secured a budget for personnel costs to hire up to 10,000 medical staff, and to reduce severe cases and deaths, we have expanded the eligibility for the 4th vaccine dose and the institutions authorized to prescribe oral treatments."

Due to a recent decline in foreign worker arrivals, labor shortages in agriculture, fisheries, and manufacturing have become severe. Therefore, the foreign workforce quota has been expanded to allow early entry of 50,000 workers. Spokesperson Yang stated, "Through this, we aim to stabilize food prices," adding, "We will also consider long-term measures to expand foreign labor employment in sectors facing chronic labor shortages."

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