Lee Jae-myung "Ruling Party Deceives People with Livelihood Issues"... Announces 'Small Business Pledge'

Opposition Holds Meeting with Small Business Federation... 'Ruling Party Responsibility Theory'
Criticizing Local Currency Cuts as "Worsening Neighborhood Markets"
Promises to Expand Closure Support Funds, Long-term and Installment Loans

The Democratic Party of Korea has presented a pledge to support small business owners ahead of the general election, aiming to win public favor. Representative Lee Jae-myung pointed out the ruling party and government's responsibility for economic policy failures, urging, "Do not deceive the people with livelihood issues."

On the afternoon of the 14th, Representative Lee visited the Small Business Federation in Yeouido, Seoul, to listen to their difficulties and stated, "It is not right for the ruling party, which holds executive authority, to say 'We will do it later' or 'We will do it if certain conditions are met'." Targeting the government and ruling party, he criticized, "What can be done immediately should be done immediately; we must not deceive the people for political gain at the expense of their livelihoods."

Democratic Party leader Lee Jae-myung is giving a greeting at the small business policy meeting held at the Small Business Federation in Yeouido, Seoul, on the afternoon of the 14th. [Image source=Yonhap News]

He pointed out, "When the economy is difficult, special government support is necessary, but the large-scale cuts to the budget for supporting ordinary citizens have reduced consumption and worsened neighborhood markets." He especially mentioned the budget cuts to his key project, 'local currency,' and criticized, "Directly, it is also a problem that the government does not recognize its role and responsibility towards the market."

He also recalled his proposal for a 'credit amnesty' last year, questioning, "During the presidential election, both ruling and opposition parties promised credit amnesty; can't it still be done if they really want to?" He emphasized, "Since the policies proposed by both sides are largely similar and there are almost no disagreements, I hope that what can be done now will be done without waiting for the general election."

Lee Gae-ho, Chairman of the Policy Committee of the Democratic Party of Korea, is holding a press conference to announce the Democratic Party of Korea's small business policy pledges for the 22nd general election at the National Assembly Communication Hall on the afternoon of the 14th. [Image source=Yonhap News]

After concluding a policy meeting at the Small Business Federation, Policy Committee Chair Lee Gae-ho moved to the National Assembly Communication Office to announce the Democratic Party's 'small business support' pledge for the general election.

First, to facilitate quick business closure and re-challenge, the closure support fund will be increased from a maximum of 2.5 million won to 10 million won. Additional support will be provided for industries with high demolition costs, such as gas stations and bathhouses, and a system for temporary deferment of loan repayment upon closure will be introduced. To achieve effective interest reduction, the small business policy funds, which amount to 3.71 trillion won this year, will be more than doubled, and the budget for 'refinancing loans' that allow switching to low-interest loan products will be significantly expanded. A long-term, installment loan program with terms of 10 to 20 years will also be introduced for small business owners and self-employed individuals.

Additionally, the party plans to expand the local currency budget and make national treasury support permanent, increase the usage areas for Onnuri gift certificates, and broaden the scope of credit card income tax deductions?which currently apply only to traditional markets?to all small business stores where local currency and Onnuri gift certificates can be used.

Furthermore, the Democratic Party has pledged to enact the 'Online Platform Act (Onple Act)' to prohibit unfair trade practices on online platforms. They also plan to introduce standard contracts and other measures related to delivery platform tenants and delivery workers.

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