“Thicker and wider support for the victims”
As early as next week, around 15 trillion won 4th subsidy + additional jobs will appear
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On the 18th, Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance said, “We are seriously aware of the situation where the distribution has deteriorated for two consecutive quarters amid continued employment and income difficulties for the vulnerable due to the novel coronavirus infection (Corona 19).” “We will speed up the preparation of an additional budget for a more extensive and thicker support.” The government is expected to come up with the first supplementary bill of around 15 trillion won next week as early as next week.
On that day, Deputy Prime Minister Hong held a meeting of related ministers (green room meeting) at the government building in Seoul to review and evaluate the income distribution situation based on the household trend survey in the fourth quarter of 2020 and discuss future countermeasures. The quintile magnification, representing the distribution index, was 4.72 times, an increase of 0.08 times from the previous year. The government plans to do its utmost to resolve the deterioration in distribution and stabilize employment caused by Corona 19. Deputy Prime Minister Hong emphasized, “We will further strengthen our efforts to provide employment support for the vulnerable to jobs and improve the job situation in the private sector.” In addition, system improvements to strengthen welfare and social safety nets, such as expanding employment and industrial accident insurance coverage, the establishment of the national employment support system, and the abolition of the standard for those obligated to support livelihood benefits for basic livelihoods, will be promoted without a hitch.
In this household trend indicator, the government diagnosed that the market income, business income and earned income, decreased due to the damages of self-employed persons due to Corona 19, but gross income increased due to a significant increase in transfer income from the government. It was evaluated that the deterioration of distribution was eased while supplementing the difficulties of the corona19 victims with active support from the government, including the 4th supplementary administration last year. The average monthly income per household was KRW 5.16 million, an increase of 1.8% year-on-year. However, earned income recorded -0.5%, and business income recorded -5.1%, the largest since statistics were prepared. On the other hand, the previous income increased 25.1% due to the increase in the basic pension and the new desired fund for small businesses.
Deputy Prime Minister Hong said, “It is necessary to continue and strengthen efforts to support damage to corona19 vulnerable industries and classes, while concentrating policy capabilities for inclusive recovery so that polarization does not persist after the crisis.”
/ Sejong = Reporter Hwang Jeong-won [email protected]
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