South Korea extends financial relief to firms

The South Korean government will be extending financial relief to small businesses for an additional three months, in a move to ease the burden on small business owners and those who are socially vulnerable. 

The payment of employment insurance fees and electricity and gas bills for April and June will be postponed for three more months, said Finance Minister Hong Nam-ki, according to Arirang news. 

Last Thursday, the government also started handing out funds to small businesses owners, partially covering their losses from the fourth quarter of 2021. A total of US$1.8 billion will be doled out to eligible small business owners, with an estimated 900,000 business owners set to receive an average of US$2,000. 

READ: Self-employed are less happy than salaried workers in South Korea

Despite the recent increase in COVID-19 cases, the government has been easing social distancing rules to help small businesses bear the brunt of shortened business hours.