‘Article 9.3’ The third disaster subsidy payment procedure began … Should I save the crisis on my own?

Hong Nam-ki (center), Deputy Prime Minister for the Economy and Minister of Strategy and Finance, announces ‘Customized damage support measures in response to the third spread of Corona 19’ at the Seoul Government Complex on the 29th. (Photo = Yonhap News)

[이데일리 김정민 기자]In the first week of the new year in 2011, the most notable economic problem is the third disaster grant. The government is preparing to pay a total of 9.3 trillion won into the third disaster support fund to support small businesses and disadvantaged people struggling to live due to the third spread of Corona 19. The number beneficiaries reached 5.8 million, including 3.67 million in the cash support project.

The aid is intended 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 suffered collective restrictions or prohibitions. It provides a cost of living of up to 1 million won to the underprivileged, such as special type workers (special expert), self-employed (700,000), visitor and solidarity workers (90,000 people) and corporate taxi drivers (80,000 people).

The government plans to complete the payment of 90% of the cash aid target before the Lunar New Year holidays. Given that the damage to small business owners such as the self-employed is increasing due to the reinforcement of social distancing due to the reproliferation of the crown, it is a policy to mitigate the impact by granting subsidies as soon as possible.

[이데일리 이동훈 기자]

The government will decide to spend the preliminary expenses for the disaster support payment at the State Council meeting to be held on the 5th, and after the announcement on the 6th, the announcement will be sent on the 11th and the application will be received. online and the payment will start in earnest. Small business owners who received the second disaster grant can receive the grant immediately if they apply for it according to the 11th guidance letter, as there is no separate assessment. In the case of non-existent support, it must be received from the end of the following month, since it must go through administrative procedures such as the commercial announcement after declaring VAT from the 25th day. The emergency subsidy for the stabilization of employment for the special high school and the self-employed is applied on the 11th by sending a text message for 6 to 8 days to 650,000 people who have already received support. Payment will start from 11-15, and 500,000 won will be paid before the Lunar New Year. New recipients who receive 1 million won will receive an application after the commercial announcement on the 15th and will pay for it starting at the end of next month.

There are loud voices of dissatisfaction with small business organizations and the like that it is not enough to save the self-employed who are on edge with this subsidy. In particular, as the government has decided to extend social distancing for two weeks until the 17th, which is currently being applied in 2.5 steps to the metropolitan area and 2 steps to non-metropolitan areas, the damage suffered by the self-employed will also grow as a snowball. Some voices are already calling for the 4th Disaster Aid Payment by establishing an additional budget.

On the 10th, the Korea Development Institute (KDI) announces the economic trends for January. Exports in December last year were $ 54.1 billion, an increase of 12.6% over the same period last year. Exports are showing strong growth due to the recovery of the Chinese economy, the largest trading country, and expanding demand for semiconductors amid the rapid growth of the Untekt industry. As a result, they are not coming out of the recession. Interest is focused on KDI’s prospects.

On the 8th, the BOK publishes the ‘payment of the balance for November 2020 (provisional)’. The current account posted a surplus of more than $ 10 billion for two consecutive months in September ($ 1.210 billion) and October ($ 11.6 billion), and the October surplus was the third largest in the history. In November, the surplus is expected to increase further as exports rise and imports decline due to weak domestic demand.

Together with Corona 19, the livestock industry is suffering twice as much from the spread of highly pathogenic avian influenza (AI). Considering the scale of the breeding and inventory, there is not a big problem in supply and demand, but the distribution is interrupted by movement restrictions to prevent the spread of the virus, and the prices of chicken, duck and the eggs show signs of increase.

On the 27th, an official of the quarantine authorities in front of a spawning chicken farm in Cheonbuk-myeon, Gyeongju-si, Gyeongsangbuk-do, is controlling access to outside vehicles. Yonhap news provided

The producer price of chicken (broiler), which had stabilized lower, was up 2.7% from a year earlier to 1,360 won. Consumer prices increased 6.4% to 5,455 won, a significant increase. The producer price of the eggs (10 specialty eggs) was 1,313 won, an increase of 11.0% year-on-year and 15.7% year-on-year. AI is also on the rise, so if quarantine measures are strengthened, consumer burdens from rising prices will suffer.

The Ministry of Employment and Labor deliberates and decides on some modifications to the Decree for the application of the Occupational Health and Safety Law at the meeting of the State Council held on the 5th.