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Gov't to Cover Electricity Fees, Return Interests to Support Small Business Owners

Written: 2024-02-08 14:17:22Updated: 2024-02-08 15:04:27

Gov't to Cover Electricity Fees, Return Interests to Support Small Business Owners

Photo : YONHAP News

The government announced a package of support measures for the nation's small business owners and self-employed, such as coverage of electricity fees of up to 200-thousand won, or around 150 U.S. dollars for those with annual sales of 30 million won or less.

The plan jointly put forth by the ministries of SMEs, finance, justice and five others at Thursday's presidential public debate session will offer a return of loan interest of up to one-point-five million won each for two-point-28 million small- and mid-sized business owners.

Fifteen-thousand business owners will be eligible for a replacement plan for high-interest loans, offering a maximum ten-year installment with a four-point-five-percent interest rate, while the standard for simplified tax payments will be raised from 80 to 140 million won in annual sales.

The government will revise enforcement ordinances under the laws regarding youth protection, food safety and tobacco businesses, to prevent business owners from being wrongly accused after minors lie about their age to purchase alcohol or cigarettes.

In addressing the shortage of workers in certain sectors, the government will push to link businesses with IT specialists in India and Vietnam, and expand visa issuance this year for 165-thousand non-professional workers in the manufacturing, restaurant and lodging industries.

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