S. Korea's supplementary budget to focus on supporting pandemic-hit businesses
Updated: 2021-02-24 10:04:18 KST
South Korea's finance minister Hong Nam-ki says the upcoming supplementary budget will focus on supporting pandemic-hit businesses and boosting employment.
This according to his remarks Wednesday at a meeting held at the Finance Ministry.
Though further details have yet to be revealed, sources from the ruling Democratic party forecast that this round could amount to some 18 billion U.S. dollars, making it the largest COVID-19-related relief budget so far.
For this round, the rule is 'broader and thicker support'.
It's expected to cover a broader range of people,while expanding additional support to those hit hardest.
This means covering more types of workers that were deprived of support in the previous rounds due to a lack of clear guidelines.
Those include platform workers and freelancers.
Also more businesses will be recipients as the cutoff for support will be extended to those with annual revenues of less than 900-thousand dollars from the previous 360-thousand.
Listing employers with more than five workers as small businesses is also on the table.
The maximum payment per person is likely to be more than 5,400 dollars, some 900 dollars more than previously expected.
It will also cover the country's free vaccination plan,starting this week.
The government expects to submit the budget plan to lawmakers by March 4th.
Kim Sung-min, Arirang News.