Extra budget passed by the National Assembly, loss compensation expanded… Special high school 1 million → 2 million won (comprehensive 2 courses)

2.6 trillion won more than the government plan… Small business support target 3.7 million → 3.71 million

Taxi/bus drivers 2 million won → 3 million won… Additional investment of 100 billion won for local love gift certificates

Reinforcement of quarantine measures 6.1 trillion won → 7.2 trillion won… Debt Adjustment Increased investment by Camco by KRW 500 billion

Kwon Seong-dong and Chu Kyung-ho following meeting on supplementary budget plan

(Seoul = Yonhap News) Reporter Lee Jeong-hoon = People’s Power Floor Leader Kwon Seong-dong and Deputy Prime Minister and Minister of Strategy and Finance Chu Kyeong-ho leave following a meeting on the supplementary budget plan between the opposition parties and government in the Speaker’s Office on the morning of the 29th. 2022.5.29 [국회사진기자단] [e-mail]

(Sejong = Yonhap News) Reporter Park Yong-joo = The second supplementary budget this year will increase from 59.4 trillion won to 62 trillion won.

The subsidy for special type workers (special high schools), freelancers, and cultural artists is 2 million won, an increase of 1 million won from the original government plan. A maximum of 10 million won is given to small business owners, depending on the degree of damage.

The scale of the financial support program for small businesses will be expanded.

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◇ Additional budget 59.4 trillion won → 62 trillion won… Repayment of government bonds 9 trillion → 7.5 trillion won

The National Assembly passed this year’s second supplementary budget bill at the plenary session of the National Assembly on the evening of the 29th.

In the process of deliberation and resolution of the supplementary budget by the National Assembly, the size of the supplementary budget increased to 62 trillion won. This is an increase of 2.6 trillion won from the 59.4 trillion won submitted by the government, the largest ever.

Considering the 200 billion won restored by the government’s budget restructuring, the amount of increase that occurred at the National Assembly stage would be 2.8 trillion won.

The central government’s expenditure, excluding expenditure on relocation according to the law, increased from 36.4 trillion won to 39 trillion won.

As the amount of expenditure increased, the amount of government bond repayment decreased by 1.5 trillion won from the original 9 trillion won to 7.5 trillion won.

merchant displaying clothes

(Seoul = Yonhap News) Reporter Park Dong-ju = A merchant displays clothes at a clothing store in an underground shopping mall near Myeong-dong, Seoul on the followingnoon of the 29th.
On the same day, floor leader Kwon Seong-dong of People’s Power said regarding the timing of payment of compensation for losses of up to 6 million to 10 million won to small business owners and the self-employed, “If it is processed at the plenary session today, it will be paid immediately from the followingnoon of Monday (30th).”
At the National Assembly plenary session on the same day, three days before the June 1 local elections, the ruling and opposition parties agreed to process an additional supplementary budget (additional budget) for loss compensation. 2022.5.29 [e-mail]

◇ Special high school, freelancer, bus/taxi driver subsidy 1 million won↑

A notable change is the amount of subsidies for special high schools and freelancers.

The government initially proposed a plan to pay 1 million won to special high schools, freelancers, and cultural artists, but it was doubled to 2 million won at the National Assembly stage.

Special high school/freelance support is provided to 700,000 people in 20 major industries, including following-school instructors, insurance solicitors, door-to-door salespeople, and waiting technicians.

The cultural artist support fund is an activity support fund to support the stable creative activities of low-income artists. About 3,000 people will be eligible for payment.

The amount of income stabilization funds for corporate taxi drivers, chartered buses and non-public route bus drivers also increased by 1 million won at the National Assembly stage to 3 million won.

1 trillion won was increased in support for these vulnerable groups alone.

An additional 100 billion won will be invested in local love gift certificates. This means that an additional KRW 2.5 trillion worth of local love gift certificates will be issued.

The supplementary budget bill passed the plenary session

(Seoul = Yonhap News) Reporter Ha Saheon = At ​​the 4th plenary session of the 397th (provisional meeting) held at the National Assembly in Yeouido, Seoul on the 29th, the ‘2nd Supplemental Budget for 2022’ is being passed. 2022.5.29 [국회사진기자단] [e-mail]

◇ 2.3 trillion won in new/replaced loans for small businesses ↑… Loss compensation to 3.71 million places

In terms of additional support for small businesses affected by COVID-19, financial support has been reinforced.

The supply of new loans to respond to the emergency fund demand of small business owners will increase from 3 trillion won to 4.3 trillion won.

The amount of loan support to convert small business owners’ non-bank high-interest loans into low-interest loans will increase from 7.7 trillion won to 8.7 trillion won. The supply of new and exchangeable loans will increase by a total of 2.3 trillion won.

The National Assembly decided to increase the investment amount of the Korea Asset Management Corporation (Kamco) by 500 billion won for debt adjustment of potential bad debts.

The government previously proposed a plan to invest 700 billion won in Camco to purchase 30 trillion won of potential bad debts. Of this, regarding 10 trillion won is a debt restructuring method.

The large frame of compensation for losses of 6 million to 10 million won differentially paid in consideration of the level of sales and damage of small business owners and the characteristics of each industry will be maintained, but the target sales standard will be expanded from 3 billion won or less to 5 billion won, which was originally proposed by the government.

Accordingly, the target of support will increase from 3.7 million to 3.71 million.

In the case of legal loss compensation for small business owners and the self-employed, the scope of compensation will be expanded from small businesses with sales of less than 1 billion won to medium-sized companies with sales of less than 3 billion won.

In terms of support for small business owners, the increased budget is 300 billion won.

◇ Reinforcement of 1.1 trillion won in quarantine… Subsidy for duty-free oil for fishermen

The scale of quarantine reinforcement will increase from 6.1 trillion won to 7.2 trillion won.

This is a result that reflects the need for medical institution loss compensation, diagnostic test costs, and funeral expenses to maintain an appropriate level of bed size.

The budget to support people’s livelihood and price stability also increased by 200 billion won.

It included the provision of a five-month oil price-linked subsidy for tax-free oil for fishermen.

The government plans to hold a cabinet meeting on the 30th to propose and decide the supplementary budget announcement and allocation plan.

[그래픽] Main contents of agreement between the ruling and opposition parties on the supplementary budget for loss compensation

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