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Damage compensation

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24.01.2021
Question is how to raise funds to cover losses

The Moon Jae-in administration and the ruling Democratic Party of Korea (DPK) have started the legislative process to allow small businesses and the self-employed to get state compensation for their losses arising from COVID-19. The move has gained momentum since Prime Minister Chung Sye-kyun instructed the Ministry of Economy and Finance, Thursday, to work out measures to help those hit hard by the pandemic.

The legislation initiative is a step in the right direction. It is the government's duty to cover the damages caused by state-imposed bans and restrictions on the operation of cafes, restaurants, bars, gyms and other crowded places. The government has so far provided two rounds of emergency relief funds to individuals and businesses. However, such one-time funding events are insufficient........

© The Korea Times


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