4th Damage Assistance Plan 19.5 trillion won...6.9 million support benefits
Three principles, such as concentration of the victim class, reinforcement of blind spots, financial sustainability, etc.;
Hong Nam-ki, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, said on the 2nd, "A total of 6.9 million people will benefit from the 4th customized damage support measures, which is more than 2 million more than the 3rd."
Deputy Prime Minister Hong made the remarks in a statement titled "The 4th Customized Damage Support Measures" held at the Seoul Government Complex earlier in the day.
Hong Nam-ki, Deputy Prime Minister and Minister of Strategy and Finance, reads the announcement at a detailed briefing on the 2021 supplementary budget plan held at the Seoul Government Complex in Gwanghwamun, Seoul, on the 2nd. (Photo = Planning and Finance)
"The fourth customized damage support plan, which passed the Cabinet meeting, is worth 19.5 trillion won, including 15 trillion won in supplementary budget and 4.5 trillion won in fixed budget," Hong said. "The 15 trillion won supplementary budget consists of 8.1 trillion won in support for victims, 2.8 trillion won in job shock and 4.1 trillion won in vaccines.
Among them, subsidies for the victims nearly doubled from the third support fund (4.1 trillion won).
Deputy Prime Minister Hong explained, "We have maintained three principles that focus on supporting the damage-focused class, supporting the blind spot as much as possible, and supporting the financial sustainability as much as possible financial sustainability."
Hong said, "The 15 trillion won supplementary budget was found and met as much as possible, but the shortfall was minimized." "We found and used a total of 5.1 trillion won, including 2.6 trillion won in special account surplus, 800 trillion won, and 1.7 trillion won in funds."
The government's debt-to-GDP ratio is expected to rise from 47.3 percent to 48.2 percent after the supplementary budget.
Looking at the details of the supplementary budget, the emergency support fund for the victims worth 8.1 trillion won will be paid 6.7 trillion won worth of "support plus funds" following the existing support fund.
Deputy Prime Minister Hong explained, "This time, we focused on strengthening the blind spots of previous support as much as possible and drastically thickening the scope of support."
As a result, 400,000 additional businesses, including medium-sized restaurants and academies, will receive support, including businesses with more than five permanent workers.
In addition, 240,000 businesses, including convenience stores with sales exceeding 400 million won, will be included in the list as the sales limit of general industries has been raised from 400 million won to 1 billion won.
Deputy Prime Minister Hong explained, "In order to provide tighter support, we have subdivided the types of support from the original three to five, and greatly raised the unit price from up to three million won to five million won."
In other words, 5 million won will be paid to extended collective prohibited industries such as indoor sports facilities, 4 million won for reduced collective prohibited industries such as cafes and restaurants, 2 million won for general businesses with reduced sales.
Deputy Prime Minister Hong said, "With this more detailed system design, a total of 3.85 million companies will receive support, up 1.05 million from the previous year."
In addition, electricity bills for 1.15 million small business owners will be reduced by up to 50%. Deputy Prime Minister Hong explained that 50% of the collective prohibited businesses and 30% of the restricted businesses will be reduced for three months, which may result in a reduction of up to 1.8 million won depending on the case.
Deputy Prime Minister Hong said, "We will provide KRW 600 billion worth of job security support to the vulnerable employment groups who are having difficulty in their livelihoods as well as small businesses."
As a result, emergency employment stability support funds will be provided to 800,000 workers and freelancers, and 700,000 won will be provided to 80,000 corporate taxi drivers.
Visiting care workers will also provide additional 60,000 to 90,000 previously by easing income standards.
For the marginalized working poor, 500,000 won per household will be provided to 800,000 households through a simple screening process.
Except for disaster support funds, 2.8 trillion won will be spent on emergency employment measures.
Deputy Prime Minister Hong explained, "The emergency employment measures consist of four pillars: employment maintenance, job creation, job support services, and care and living stability."
In order to maintain 240,000 jobs centered on Corona-damaged industries, 250 billion won will be invested to extend the 90% special application of employment support for collective restrictions and prohibited industries by three months until June, and to expand the 90% special application to 10 businesses such.
275,000 direct jobs will be supplied to the three major classes, including young people, women, and middle-aged people.
In addition, job support such as the national employment system will be greatly strengthened, and care support for working couples and women will be expanded and workers' life stability support will be expanded.
As a quarantine measure, 4.1 trillion won was set aside for the purpose of purchasing and vaccinating the Covid-19 vaccine.
The estimated budget package (4.5 trillion won) is mainly used for financial support. Loans and guarantees for small and medium-sized enterprises, small business owners, and export companies will be greatly expanded, and local love and Onnuri gift certificates will be issued to restore the commercial district.
Deputy Prime Minister Hong said, "The government will always try to play its role as actively as possible in the event of a national crisis and a public welfare crisis, and to ensure that taxpayers' money is used most efficiently in the right place."
"The government will submit the supplementary budget to the National Assembly on the 4th," he said. "We ask the National Assembly to finalize the supplementary budget bill as soon as possible at the extraordinary parliamentary session in March."
[Source] South Korea policy briefing (www. Korea).kr)
