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2019 ECONOMIC POLICIES
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PRESS CENTER PRESS RELEASES
PRESS RELEASES

4th Crisis Management Meeting

  • DivisionPolicy Coordination Bureau - General Policy Coordination Division
  • DateApril 9, 2020
  • Tel0442154510

4th Crisis Management Meeting of 2020

14th Ministerial Meeting to Respond to COVID-19 Outbreak

 

Government to Focus on Job Retention

 

 

Deputy Prime Minister Hong Nam-ki presided over the 4th Crisis Management Meeting of 2020, which is also the 14th Ministerial Meeting to Respond to COVID-19 Outbreak.  How to help retain jobs and plans to expand childcare leave were main topics of discussion, as well as support for businesses hit by social distancing.

 

The following is a summary of DPM Hong’s keynote address.

 

Help retain jobs

 

Despite the government’s efforts to absorb shocks to the job market the COVID-19 pandemic has given, such as up to 90 percent support for paid leave and increased wage support for small businesses, there have been signs of worsening employment.  The government will do its utmost to help retain jobs, focusing on the following.

 

  1. Help businesses retain jobs
  2. Work on measures to help job losers
  3. Work on emergency job creation measures
  4. Work on basic social security support for the working class

 

Expand childcare leave

 

The government has decided to increase its support for childcare leave as schools and daycare centers have been closed due to the COVID-19 pandemic.  Up to 10 days of childcare leave and 500,000 won of support will be provided to a total of 120,000 parents, an increase from up to 5 days and 250,000 won which 90,000 parents are currently entitled to.  Parents with unpaid childcare leave schemes will benefit from it.

 

Support for businesses hit by social distancing

 

The government will give tax and financial support to businesses hit hard by social distancing, such as retailers, airlines, sport industries and fresh food suppliers.

 

- 30 percent cut in traffic generating charges imposed on large retailers

- 25 percent cut in road and river occupancy taxes charged to businesses

- Airlines to be exempt from apron charges

- Increase special loans for sport industries by 30 billion won to 50 billion won, as well as one year repayment deferral for general loans

- Storage cost support for meat and seafood suppliers as demand plummets

 

Please refer to the attached pdf

 

Ministry of Economy and Finance
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