The South Korean government will offer reductions or exemptions on four social insurances to ease the burden for low-income households and small business owners amid the COVID-19 pandemic.

The support measures were decided upon at an emergency economic meeting led by President Moon Jae-in on Monday.

The government will reduce health insurance fees between March and May by 30 percent for those in the bottom 20 to 40 percent, according to monthly payment, with each person expected to benefit from a six to 20-thousand won deduction.

Six months worth of fees for industrial accident compensation insurance paid by businesses with 30 or less employees and the self-employed will be cut by 30 percent, with benefits expected to total some 444 billion won.

National pension subscribers will be able to get their payments deferred for three months from March upon request, while employers with 30 or less workers can get a three-month grace period for employment and accident compensation insurance payments.

The government also plans to offer discounts or temporarily postpone electricity fee payments for low-income families and small businesses starting this month.