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Gov't launches additional economic relief measures for vulnerable groups affected by the Covid-19 outbreak

 

Gov't launches additional economic relief measures for vulnerable groups

affected by the Covid-19 outbreak

                                                                                                                     - March. 30. 2020. (Mon)

 

 

The government announced that it has drawn up inter-ministerial measures to be implemented from April to support the livelihood of vulnerable groups without employment safety net, as workers on unpaid leave and on leave of absence, persons in special types of employment, such as dependent self-employed, freelancers, construction workers and young job seekers would be mostly affected by the economic fallout from COVID-19.

 

 

[Workers on unpaid leave and on leave of absence] Emergency livelihood aid

  ↳‘Special Regional Employment Support Aid' will be given to 100 thousand workers, at the rate of KRW 500 thousand a month / ‘Emergency Welfare Aid’ of an average of KRW 650 thousand a month (for a month+α) will be provided.

 

- 17 administrative regions will provide 100 thousand workers on unpaid leave with monthly emergency livelihood aid of KRW 500,000 for up to two months, starting April.

 

- The government's ‘Emergency Welfare Aid’ has been expanded to include workers on unpaid leave, workers on leave of absence and the dependent self-employed whose livelihoods have been disrupted by COVID-19. Starting April 6th, recipients of Emergency Welfare Aid will get an average subsidy of KRW 650,000 a month, depending on the number of their household members.

 

[The dependent self-employed, Freelancers] Reduction of application requirements for employment subsidy

  ↳ Employment Subsidy' for 16 thousand recipients, at KRW 500 thousand a month (for three months) / ‘Special Regional Support Aid' for 100 thousand workers, at KRW 500 thousand a month (for two months) will be provided

 

- The dependent self-employed and freelancers who have seen a reduction in work will be eligible to recieve Job search promotion subsidy (KRW 500,000, three months), a living expense provided to those participating in the government's Employment Success Package, by further expanding the scope of "job search" recognized by the government, starting April 1st.

 

- Korea's 17 administrative regions will provide 100 thousand dependent self-employed and freelancers with monthly subsidy of KRW 500,000 to help with their livelihood and work for up to two months, starting April.

 

[Construction workers] Newly established an Emergency livelihood fund loan program (from April to August)

  ↳ 87,000 workers, will be provided with individual loans capped at KRW 2 million (zero interest)

 

- Construction workers are being hit hard by the spread of Covid-19 due to delayed contracts and construction suspensions.

- Zero-interest loans will be provided to construction workers from mid-April to help their livelihoods, with individual loans capped at KRW 2 million.

 

[Small business owners] Recovery assistance for damages caused by Covid-19, business closure support and support for small business owners to get back on their feet

  ↳ As many as 208,000 small businesses will be eligible for Reopening Business Subsidy of KRW 3 million, and Business Closure Subsidy of KRW 2 million

 

- Business Reopening Subsidy: By taking measures to reduce required documents for submission, up to KRW 3 million will be provided to subsidize the cost of reopening to 189,000 businesses that suffered losses due to Covid-19.

- Business Closure Subsidy: 19,000 businesses preparing closure located in Coronavirus 'Hot Zones' and other regions adjacent to or near the area can receive a consulting service and a subsidy of up to KRW 2 million to subsidize the cost of closure, regardless of the owner's credit ratings.

 

- Support for small business owners to get back on their feet: To help people with debt from multiple financial institutions, a fast-track support system will be adopted and a one-stop service system will be set up to assist small business owners get back on their feet.

 

[Youth] Reduced requirements for Youth employment subsidy

  ↳ 50 thousand young people will receive KRW 500 thousand a month (for six months)

 

- To ensure that young jobseekers experience no difficulties, job search promotion subsidy of KRW 500,000 and Employment Success Package programs will be made available back to back.

 

[Elderly] Advanced payment of employment promotion subsidy for the aged

  ↳ For 543 thousand senior citizens, a subsidy of KRW 270 thousand will be provided.

 

- From the beginning of April, KRW 270,000 will be paid in advance for those who participated in public services for 30 hours in a month, considering the situation where operations have been mostly suspended after issuing the recommendation to discontinue the project.

Last Modifide Date   :   Thu April 2, 2020
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