South Korea pledges new supplementary budget to save jobs

South Korea President Moon Jae-in said on Wednesday said that the government has pledged to roll out a new supplementary budget as well as increase subsidies in a bid to save businesses in Korea.

The fourth-largest economy in Asia had released two supplementary budgets amid the COVID-19 outbreak.     

In a policy meeting, Moon said that businesses will be aided with a ₩40 trillion ($32.4 billion) fund. Meanwhile, citizens who had lost jobs will be eligible for a ₩500,000 subsidy for three months.

The previously announced fiscal package of ₩100 trillion will be raised to ₩135 trillion in order to aid companies with low credit ratings.

Moon furthered that the government will aim to preserve the nation’s key sectors with its ‘key sector stabilization fund’. These sectors are yet to be specified.