Ahn Cheol-soo "Preparing COVID Compensation Plan Considering Inflation and Interest Rates"... To Be Announced on the 28th

by Kim Hye Min

Published 27 Apr.2022 14:37(KST)

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] Ahn Cheol-soo, Chairman of the Presidential Transition Committee, stated on the 27th, "We will prepare a loss compensation package by comprehensively considering the impact on the macroeconomy, such as prices and interest rates, based on an accurate assessment of the situation of small business owners."

On the same day, Chairman Ahn held the 17th Special Committee on COVID-19 Emergency Response meeting at the transition office in Samcheong-dong, Jongno-gu, Seoul, and said, "(The contents) include cash support such as loss compensation and financial and tax support to alleviate debt and tax burdens."

Chairman Ahn announced that he would present the estimated loss scale and loss compensation plan for small business owners at 2 p.m. on the 28th.

He said, "We have achieved the original goal of estimating the loss scale based on data," adding, "By utilizing vast taxation data, we have confirmed for the first time the overall scale and level of damage of business losses suffered by small business owners due to quarantine measures." He also self-assessed, "This shows the new government's will and potential to prepare a scientific loss compensation plan."

Regarding the loss compensation package, Chairman Ahn emphasized, "It will support the full recovery and competitiveness improvement of small business owners after COVID-19 and help build a sound and vibrant small business ecosystem," and added, "Ensuring that small business owners, who have fulfilled their responsibilities as employers, taxpayers, and loan borrowers despite difficult conditions, do not feel disheartened is also a task that the new government must take responsibility for and oversee."

He continued, "I would like to ask for broad cooperation in advance so that the policies included in the package can be quickly implemented on the ground after the new government takes office, and so that the supplementary budget bill and related law amendments can be passed in the National Assembly."