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Fourth Extra Budget Provides Up to 2 Million Won to Hard-Hit Store Owners

Write: 2020-09-10 15:50:52

Photo : YONHAP News

Anchor: The government has drawn up a fourth extra budget totaling seven-point-eight trillion won, or six-point-58 billion dollars to finance COVID-19 relief. The latest supplementary budget is mainly aimed at helping small merchants and self-employed people cushion the economic impact from the pandemic.
Park Jong-hong has the report. 

Report: During an emergency economic meeting Thursday, President Moon Jae-in and his economy officials finalized the extra budget plan, under which some two-point-nine million Koreans will receive cash subsidies of up to two million won, or some 17-hundred dollars. 

[Sound bite: President Moon Jae-in (Korean/English translation)]  
"The government has decided to create a fourth extra budget of seven-point-eight trillion won. This is a tailored disaster subsidy targeting the hardest-hit sectors and classes, providing the largest possible amount for them. First of all, a concentrated amount will be provided to small business owners and self-employed people who are most directly hit by the resurgence of COVID-19."  

A total of three-point-eight trillion won will be set aside to assist some three-point-77 million people. That's roughly seven-point-three percent of the nation's entire population. 

Moon noted that it was a tough decision to spend the financial assistance selectively.

[Sound bite: President Moon Jae-in (Korean/English translation)] 
"This was an unavoidable decision aimed at maximizing the impact with limited resources, as it calls for issuing treasury bonds while the end of the COVID-19 outbreak is uncertain. I ask for public understanding of the current extra budget, which is to help more vulnerable people in need first." 

Another one-point-four trillion won will be earmarked to protect one-point-19 million jobs during the pandemic-driven employment crisis. The government's monthly child-rearing support of 200-thousand won for each child under the age of seven has been expanded to include children attending elementary schools.

Individuals 13 years of age and older will also receive a one-time, 20-thousand-won deduction in their mobile service fee.

Moon urged the National Assembly to promptly pass the proposed budget ahead of the five-day Chuseok autumn holiday beginning at the end of September.

The government will submit the extra budget bill to the National Assembly on Friday. 
Park Jong-hong, KBS World Radio News.

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