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Small Businesses Demand Full Compensation for Losses Following Extended Curbs

Written: 2021-12-31 13:19:40Updated: 2021-12-31 15:21:55

Despite the government decision to pay five million won in compensation for pandemic restrictions, small business owners insist they need 100 percent compensation for their losses.

In a statement on Friday, the Korea Federation of Micro Enterprise said it had a glimmer of hope following a decline in COVID-19 cases, which was dashed once again by the extended curbs and demanded full compensation of all losses.

The federation called for bold financial support from the state for more recipients and urged parliament to discuss a 100-trillion-won supplementary budget as presidential candidates are voicing that much assistance. 

Seven organizations representing the self-employed, including a food service industry association, also conveyed a similar stance, saying that distancing measures strip them of their right to survival and the government must compensate for all incurred losses.

However the groups have responded positively to the pledge to make advance payments of five million won to 550-thousand small business owners through next year's first quarter.

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