Small Business Association "Welcomes Government Economic Policy Direction Including Electricity Bill Reductions"

"Sales Increase Expected with Domestic Demand Activation Policy"

The Korea Federation of Micro Enterprise Associations expressed a welcoming stance on the government's '2024 Economic Policy Direction' on the 4th.

On this day, the government announced plans to implement policies including ▲an electricity bill reduction of 200,000 KRW per business for 1.26 million small business owners▲interest burden relief totaling 2.3 trillion KRW, consisting of 2 trillion KRW from banks and 300 billion KRW from non-bank sectors for small business borrowers▲raising the threshold for simplified VAT taxpayers▲increasing the issuance amount of Onnuri gift certificates to 5 trillion KRW and expanding their usage locations.

Regarding this, the Korea Federation of Micro Enterprise Associations evaluated that "the policy to alleviate excessive burdens is expected to stabilize the management of small business owners." Previously, the Federation had conveyed to the government the difficulties faced by small business owners who are in a management crisis due to soaring energy costs, rising financial expenses, and declining sales.

The Federation stated, "Above all, small business owners face great difficulties because it is not easy to find alternative measures to increase sales amid falling sales caused by price increases and contraction of the domestic economy," adding, "Since some policies necessary for the field have been prepared, we hope that the excessive burdens will be alleviated."

They further added, "We hope that small business sales will be encouraged through domestic demand revitalization policies such as expanding the use of Onnuri gift certificates across all small business establishments."

The Korea Federation of Micro Enterprise Associations emphasized, "In line with government policies aimed at reducing management burdens on small business owners, we will do our best to strengthen competitiveness and enhance self-reliance, becoming key players in revitalizing the domestic economy."

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