Joining Fire Mutual Aid for Traditional Markets Becomes Easier
Cabinet Approves Amendment to the Enforcement Decree
of the Special Act on the Promotion of Traditional Markets and Shopping Districts
The Ministry of SMEs and Startups announced that the amendment to the Enforcement Decree of the Special Act on the Promotion of Traditional Markets and Shopping Districts, aimed at establishing a safety net for the livelihoods of traditional market merchants against fire damage, was approved at the Cabinet meeting on the 4th.
Repeated incidents have occurred where stores were completely destroyed by fire at once, causing merchants to lose their livelihoods, leading to continuous calls for strengthening post-disaster relief for traditional markets. Reflecting these opinions, the Special Act on the Promotion of Traditional Markets and Shopping Districts was amended and promulgated at the Cabinet meeting last September to increase the subscription rate of fire mutual aid insurance among traditional market merchants and merchant organizations, establishing a basis to support part of the insurance premiums within the scope of the budget.
Effective from the 21st, this enforcement decree stipulates detailed matters necessary for the support of insurance premiums delegated by law, including ▲specifying the resources for the formation of mutual aid funds ▲regulating the procedures and methods for insurance premium support ▲and establishing grounds for personal information processing during fire mutual aid insurance operations.
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Oh Young-joo, Minister of SMEs and Startups, stated, “With this amendment, post-disaster relief for stores vulnerable to fire within traditional markets is expected to be strengthened,” and added, “We will continue to strive to create a safe environment in traditional markets, which are the livelihoods of merchants, so that they can focus on their businesses with peace of mind.”
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