Gov't, Ruling Party to Expand Support for Self-employed Businesses

Write : 2018-08-22 09:54:31 Update : 2018-08-23 10:47:24

Gov't, Ruling Party to Expand Support for Self-employed Businesses

The government and the ruling Democratic Party(DP) agreed on Wednesday to expand supportive measures for smaller firms and the self-employed.

The decision came at a meeting between the DP and government officials to discuss ways to support self-employed people who have been hit hard by the slowing economy and recent minimum wage hikes.

The ruling camp agreed to apply lower credit card commissions to small online business owners and private taxi drivers. They also agreed to strengthen regulations to better protect tenants running stores on rented property and improve compensation for evicted tenants in areas subject to redevelopment. 

Minister of SMEs and Startups Hong Jong-hak said the government will continue to communicate with shop owners and the self-employed to produce additional support measures. 

Meanwhile, DP Floor Leader Hong Young-pyo said the government will sharply expand tax credit benefits for the self-employed and the number of recipients under the earned income tax credit scheme which calls for refunding taxes to low-income families.

[Photo : YONHAP News]

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