South Korea approves 9.3 trillion won jobs package

Some 5.6 trillion won will be used for cash handouts to small businesses, temporary workers or freelancers, and taxi drivers.
By: | January 5, 2021
Topics: Compensation and Benefits | Employee Experience | Health and Wellness | Job Cuts | News | South Korea

South Korea has unveiled a 9.3 trillion won (US$8.57 billion) package to support unemployed workers and small businesses hit by the country’s third wave of COVID-19.

Of the total sum, 5.6 trillion won (US$5.16 billion) will be used for cash handouts to small businesses, temporary workers or freelancers, and taxi drivers impacted by the pandemic. 

Another 2.9 trillion won (US$2.67 billion) will be used to support SMEs, which includes ski resorts and hotels that were adversely impacted by the government’s measures to contain the spread of the pandemic. 

The government recently added new restrictions on social groups, such as banning gatherings larger than four people, and temporarily suspended operations at ski resorts and tourist spots to control the spread of COVID-19 amid the festivities of the Christmas and New Year holidays. 

READ: South Korean graduates face a job market with less openings

Meanwhile, another 800 billion won (US$736.83 million) will be spent on the public healthcare system. The cash handouts will be distributed starting Jan 11, and is expected to benefit some 5.8 million people.