Government rolls out support measures for self-employed, small business owners

Government rolls out support measures for self-employed, small business owners


The South Korean government is extending a
helping hand to small business owners and the self-employed to ease the burden of the
minimum wage hike. At a policy coordination meeting Wednesday,…
the ruling Democratic Party of Korea and the government agreed it will come in the form
of additional financial support. The two sides say they will expand the number
of people eligible for earned income tax credit — a program that gives tax refunds to low-income
households. The package also includes supporting social
insurance fees… and a cut in credit card commissions… for small online business owners
and private taxi drivers. They also plan to provide special low-rate
loans to small business owners,… while small businesses with less than five workers will
get an additional monthly job allowance. The government expects that the measures will
be equivalent to providing over 6 billion U.S. dollars in support. The ruling party also vowed to pass related
bills during the August parliamentary session so the new measures can be implemented smoothly.

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