Meeting Small Business Owners, Ruling Party Proposes "Credit Card Cashback and Expanded Support for Business Closure"

"Minimal Impact of Local Currency"

The People Power Party announced on the 13th that it is in discussions with the government to enable small business establishments to receive credit card cashback.

The People Power Party's Special Committee on Economic Vitality and Livelihood visited the Small Business Federation in Yeouido, Seoul, that afternoon to share this information.

Yonhap News

Kwon Young-se, the emergency committee chairman of the People Power Party, said, "We are closely coordinating with relevant ministries to allow cashback at all small business establishments except for certain sectors such as department stores and large marts," adding, "We plan to implement this as soon as technical adjustments are completed." This method returns a certain portion of the amount spent when consumers use credit cards at small business establishments with sales below a certain threshold.

Chairman Kwon explained, "This is a measure to address issues pointed out with local currency, such as the rich-get-richer and poor-get-poorer problem between regions, the concentration of benefits only in certain sectors like academies and hospitals which leaves small business owners unable to properly receive benefits, and the problem of Onnuri gift certificates being limited in usage."

Support for small business owners wishing to close their businesses will also be expanded. In cases of unavoidable closure, support will be provided for vocational training costs or re-startup expenses, and employment subsidies will be strengthened when they find jobs in small and medium enterprises.

Kwon Seong-dong, the floor leader of the People Power Party, pointed out, "Although a huge budget has been invested in local love gift certificates under the leadership of the Democratic Party, there are many criticisms that the actual effect is insufficient," adding, "Going toward populism despite the lack of consumer stimulation effects does not help the national economy as a whole nor small business owners."

Song Chi-young, chairman of the Small Business Federation, said, "Many small business owners are even raising their voices to abolish the minimum wage system itself," and demanded, "Direct support to alleviate high costs such as rent and labor costs for small business owners should also be considered in this supplementary budget."

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