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2021 Supplementary Budget Proposal

  • DivisionBudget Office - Budget Policy Division
  • DateMarch 2, 2021
  • Tel0442157130

2021 Supplementary Budget Proposal

 

Supplementary Budget worth 15 Trillion Won Drawn up amid Prolonged Social Distancing

 


The government has drawn up a 15 trillion won worth of supplementary budget to help Koreans suffering prolonged social distancing and support the country’s vaccine rollout.  A total of 19.5 trillion won, including the supplementary budget, is planned to be spent on the COVID-19 support as 4.5 trillion won of this year’s original budget will be utilized to help small businesses with carrying out operations and retaining employment.

 

 

 

1. 2021 Supplementary Budget

 

(trillion won, %)

 

2020 Budget

2021 Budget

Change

Original (A)

Extra

Original (B)

Extra (C)

C-B

C-A

Total Revenues

(y-o-y, %)

481.8

(1.2)

470.7

(-1.1)

482.6

(0.2)

483.4

(0.3)

0.8

1.6

Total Expenditures

(y-o-y, %)

512.3

(9.1)

554.7

(18.1)

558.0

(8.9)

573.0

(11.9)

15.0

60.7

Consolidated Fiscal Balance

(% to GDP)

-30.5

(-1.5)

-84.0

(-4.4)

-75.4

(-3.7)

-89.6

(-4.5)

-14.2

(-0.8%p)

-59.1

(-3.0%p)

Government Debt

(% to GDP)

805.2

(39.8)

846.9

(43.9)

956.0

(47.3)

965.9

(48.2)

9.9

(0.9%p)*

160.7

(8.4%p)

* 0.9%p = 0.5%p (due to the supplementary budget) + 0.4%p (due to revised growth outlook)

 

 

 

2. 2021 Supplementary Budget Proposal plus Funding by the Original Budget

 

(trillion won)

Supplementary budget

15.0

 

1. Relief package for small business owners and workers of around 5.64 million

 

 

 

(8.1)

 

 

 

- Small business emergency relief[1] (6.7 trillion won)

- Three month waiver of electricity charges for small businesses (0.2 trillion won)

- Employment support for workers outside the employment insurance program (0.6 trillion won)

- Low-income household support (0.6 trillion won)

2. Employment package for around 810,000 workers

 

 

 

(2.8)

 

 

 

- Expand employee retention subsidies and loans (0.3 trillion won)

- Help create jobs for young adults, middle-aged and women (2.1 trillion won)

- Promote demand-driven job training and provide job seeker services for young adults and women (0.2 trillion won)

- Flexible workhours and paid childcare leave for woman employees, and low-cost loans for low income earners (0.2 trillion won)

3. Vaccine rollout

 

 

(4.1)

 

 

- COVID-19 vaccination (2.7 trillion won)

- Virus prevention, including testing, quarantine and treatment (0.7 trillion won)

- Make up for losses incurred to medical institutions (0.7 trillion won)

Funding by the original budget

4.5

 

1. Financial support for 220,000 SMEs and small businesses

 

(2.5)

 

- Emergency loans and guarantees (1.4 trillion won), cash relief (0.6 trillion won), and coupons and vouchers to boost sales, retrial-after-failure support and leisure industry support (0.5 trillion won)

2. Employee retention support for 140,000 business owners

(1.8)

- Provide SMEs and startups with low-cost loans for retaining employees, hiring young adults and creating jobs

3. Low-income earner support for 100,000 households

 

(0.2)

 

- Emergency government assistance and daycare support for working parents (0.14 trillion won) and facilities for testing and treating coronavirus (0.05 trillion won)

Total

9.5

 

[1] Compensation for the 2020 revenue losses compared with the previous year given to the businesses affected by prolonged social distancing, payments ranging from 1 million won to 5 million won according to the losses

 

The 2021 supplementary budget proposal will be submitted to the National Assembly on March 4 after proceeding through the cabinet meeting.

 

Please refer to the attached pdf

 

 

Ministry of Economy and Finance
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