[세종=이데일리 이명철 기자] We are working to prepare for the third disaster support payment for small businesses and the underprivileged people who have difficulties in living due to the third spread of Corona 19. The number of beneficiaries reached 5.8 million, including 3.67 million in the cash support project. The government plans to invest 9.3 trillion won, including 4,800 billion won in reserve, to provide cash payments and financing to relieve liquidity.
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Preparation for full payment of the 9.3 trillion scale 3rd disaster support fund
According to the Ministry of Strategy and Finance on the 2nd, at the State Council meeting held on the 5th, a plan for preliminary expenditure for general accounting purposes in 2021 will be decided.
On December 29, last year, the government established customized damage support measures to cope with the third spread of Corona 19 and confirmed the payment plan for the third disaster support fund.
The amount of this support is 9.30 trillion won, and it is expected to be financed through a fixed budget of 3.4 trillion won for next year and a reserve of 4.800 billion won.
The target of support is to pay a maximum of 3 million won to small business owners (2.8 million) who have suffered a loss of less than 400 million won in annual sales, or 2.8 million people who have been damaged by a group restriction or ban. It provides a living cost of up to 1 million won to the underprivileged, such as special type workers (special expert), freelancers (700,000), visiting and caring workers (90,000 people), and corporate taxi drivers (80,000 people).
The government plans to complete payment for 90% of the cash aid target before Lunar New Year holidays. As the economic downturn is large, it is judged that payment as soon as possible is the key. Accordingly, the government plans to decide on the limit for expenditures at the State Council on the 5th, and after the announcement on the 6th, the notice will be sent on the 11th, and then the online application will be received and the payment process will begin.
Small business owners who have received the new desired fund, the second disaster support fund, can receive the support fund immediately after applying from the 11th as early as the 11th. In the case of a new resource application, it is expected to receive support from the end of the following month after administrative procedures such as business announcements after reporting VAT from the 25th.
The emergency employment stabilization support fund for special high school and freelancers is applied by the 11th by sending a text message to 6~8 days after the announcement of the project on the 6th of next month to 650,000 people who have already received support. Payment will begin on the 11th to 15th and will be paid 500,000 won before the Lunar New Year.
New beneficiaries who receive 1 million won will receive an application after the business announcement on the 15th and pay it from the end of next month.
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“8% negative growth” refutes “extreme” by Han Kyung-yeon
While the government suggested this year’s economic growth rate at 3.2%, some research institutes suggested that if the introduction and breeding of vaccines were delayed from the beginning of the year, the Korean economy could deteriorate. Accordingly, attention is also drawn to this year’s diagnosis by a national research institute on the Korean economy.
The Korea Economic Research Institute, a member of the National Federation of Entrepreneurs, recently announced the report on the’Economic Impact of Delayed Introduction of the Corona 19 Vaccine’. It predicted that it would record a negative 2.7%.
In the worst-case scenario, where the daily average number of confirmed cases is 2,500, and vaccine introduction and general vaccination are started respectively in the second and third quarters of next year, the Korean economic growth rate is presented at -8.3%.
Regarding this, the Ministry of Information and Communication refuted that suggesting an extreme scenario with an excessively pessimistic premise may cause unnecessary misunderstandings for the people and weaken economic sentiment and adversely affect economic recovery.
Regarding the introduction of the vaccine, it has secured a total of 56 million vaccines through continuous negotiation efforts with the supplier, and plans to complete the vaccine as quickly as possible starting from February of next year, including the elderly and essential medical personnel.
As for the growth rate of the Korean economy, he explained that it was premised on the commercialization of vaccines in the second half of next year at the level of consensus by major domestic and overseas professional organizations, such as 2.8% of the Organization for Economic Cooperation and Development (OECD) and 3.1% of the Korea Development Institute (KDI). At the global level, the increase in the timing of vaccine introduction and vaccination was cited as a factor in the domestic economy.
Meanwhile, KDI is scheduled to announce the economic trends for January on the 10th. The diagnosis of the Korean economy this year is expected to receive attention in a situation where domestic demand has greatly contracted due to the third spread of Corona 19.
The following is the main schedule and reporting plan for the Ministry of Information and Communication.
◇ Weekly schedule
△4th (Mon)
10:00 Opening ceremony of the Ministry of Strategy and Finance (Deputy Prime Minister, 1st Vice Minister, 2nd Vice Minister, closed)
△5th Tuesday
10:00 State Council Meeting (Deputy Prime Minister, Seoul Government Building)
△6th (Wed)
07:30 Noksil Conference (Deputy Prime Minister, closed)
10:00 Emergency Economy Central Countermeasure Headquarters Meeting (Deputy Prime Minister, Seoul Office)
13:15 Regular briefing at the Central Countermeasure Headquarters for Emergency Economy (1st Prime Minister, Seoul Office)
△7th (Thursday)
08:00 Macroeconomic Finance Conference (1st Prime Minister, Seoul Bank Hall)
14:00 Business New Year’s Association (Deputy Prime Minister, closed)
14:00 Meeting with experts on national fiscal management plan establishment policy (2nd Vice Minister, closed)
△8th (Fri)
08:00 Innovation Growth Strategy Review Meeting, Policy Review Meeting, and Korea New Deal Review TF Meeting (Vice Minister, Seoul Office)
10:30 Innovation Growth BIG3 Promotion Meeting (Deputy Prime Minister, Seoul Office)
◇Weekly press plan
△ 3 days (Sun)
△4th (Mon)
10:00 Ministry of Strategy and Finance opening ceremony, Vice Prime Minister’s greetings and recommendations
△5th Tuesday
10:00 ｢Proposal of partial amendment to the Basic Act on Cooperatives｣ Resolution by the State Council
12:00 Online Shopping Trend for November 2020
14:00 Prepared amendments to the Restriction of Special Taxation Act, Income Tax Act, and Corporate Tax Act
△6th (Wed)
02:00 2021 World Bank World Economic Outlook released
15:00 Amendment to the Subsequent Enforcement Decree of the 2020 Tax Law
△7th (Thursday)
08:00 Macroeconomic Finance Conference held
△8th (Fri)
08:30 The 1st Innovation Growth Strategy Review Meeting, Policy Review Meeting, and Korea Edition New Deal Review TF Meeting
13:00 Held the 2nd Innovation Growth BIG3 Promotion Meeting
△10th (Sun)
KDI Economic Trends (January 2021)
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