The larger the funding, the greater the financial burden becomes like a snowball. According to estimates from the Ministry of Information and Technology last year, the absence of the state will increase from 660 trillion 200 billion won in 2017, when the Moon Jae-in administration was launched, to 956 trillion won this year and 106.3 trillion won in 2022. In addition, if the 4th disaster support fund and the condolence money for the whole people are paid, the national debt this year will reach or exceed 1,000 trillion won.
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◇ It is likely to reach 4.8 million, including 2 million new applicants.
Democratic Party Representative Lee Nak-yeon, Prime Minister Jeong Sye-gyun, Hong Nam-ki Deputy Prime Minister and Minister of Strategy and Finance, and President Kim Sang-jo, head of the Presidential Policy Office, agreed on a plan to pay the 4th disaster relief worm money at a high-ranking party administration meeting held at the National Assembly on the afternoon of the 28th.
In addition, the Democratic Party and the government decided to include new businesses with annual sales of 1 billion won or less, with street vendors and 5 full-time workers as targets for the 4th disaster support payment. The standard for small business owners eligible for payment will also expand from less than 400 million won in sales to less than 1 billion won.
In addition, it plans to provide a temporary livelihood subsidy of 500,000 won to 40,000 street vendors and to the poor working hard to survive such as temporary daily workers. The affected small business owners decided to reduce their electricity bills by 50% for those that are prohibited from gathering for 3 months and 0% for those that were restricted to gatherings. Special work scholarships are also provided to college students who have financial difficulties due to their parents’ unemployment and closure.
Democratic Party spokesman Huh Young said, “In the case of street vendors who are experiencing livelihood insecurity, those managed by local governments, etc., provide income stabilization support funding of 500,000 won without separate screening on the premise of business registration, and temporary livelihood support for street vendors outside the system. It was a key.”
In addition, in relation to the amount of support for self-employed and small business owners, it was decided to increase the amount of support from the existing support fund and divide it into five types of support based on the degree of damage and provide differential payment.
In his remarks, CEO Lee said, “It seems that the framework of the supplementary plan was prepared to be broader, thicker, faster, and faithful to those three principles.” “We also support specially employed workers who are not covered by employment insurance, freelancers, and corporate taxi drivers. “There are 2 million people who were included in the target and newly entered the target.”
The total number of applicants is expected to reach 4.8 million, including about 2 million newly added freelancers, corporate taxi drivers, street vendors, and low-income college students.
The government is planning to present this supplementary bill to the National Assembly on the 4th after submitting it to the State Council on the 2nd for resolution. The Democratic Party is planning to speed up the provision of disaster support funds within March by passing an extra bill in an unfortunate manner until the National Assembly’s Special Committee on Budget and Accounting and the plenary meeting on the 18th.
The opposition, the people’s strength, is protesting that the government has started to sprinkle money with Narat money ahead of the by-election in April.
“Unfortunately, the 4th disaster subsidy is paid 9 days before the by-election,” said Yoon Hee-seok, spokesman for the power of the people. “We must firmly stop the deception of the government and the ruling party trying to use Narat money for elections.” .
Per capita national income likely to be named G7 beyond Italy
There are several economic indicators to watch this week. On the 2nd, the National Statistical Office will announce the trends of industrial activities in January. Last year, all industrial production declined 0.8% from the previous year, making it the first time since the related statistics were prepared in 2000. However, in December of last year, production of all industries increased by 0.5% compared to the previous month, showing a recovery trend, drawing attention whether this trend has continued this year. Amid growing concerns over inflation, consumer price trends are announced on the 4th. In January, the consumer price index rose 0.6% year-on-year, staying at the 0% level for the fourth month. However, due to worsening weather conditions and the spread of livestock infectious diseases, the price of meals on the table has jumped significantly, mainly for agricultural and livestock products. In particular, as the prices of processed foods such as ramen and bread are on the rise due to the recent rise in international grain prices, it is noteworthy how they affected consumer prices.
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On the 4th, the Bank of Korea announced its provisional national income for the fourth quarter of last year and annually. National income will remain at the 30,000 dollar level, but will decline for the second consecutive year. On the 26th of last month, the BOK announced that the GNI per capita last year would decrease from a year ago ($32,115) to the mid-$31,000 of last year at the’Quarter of 2020 and Annual Real Gross Domestic Product (Breaking News) Presentation’.
However, due to the shock of Corona 19, many countries recorded a large negative growth last year, and rather, the world ranking of per capita national income is expected to surpass Italy to join the ranks of the G7 countries. Currently, the G7 is in the US, Japan, UK, France, Germany, Italy and Canada.