Small businesses are 'top priority,' Yoon tells business owners
Published: 03 Nov. 2023, 16:55
- MICHAEL LEE
- lee.junhyuk@joongang.co.kr
Yoon made the pledge in his address to a convention of small and medium-sized enterprises (SMEs) at the Kintex exhibition hall in Goyang, Gyeonggi.
The exhibition showcases businesses owned by over 2,000 people from various industries, including restaurants and hairdressing.
“Hiring has become more difficult for us small business owners since the minimum wage rose by 50 percent in the last few years,” Oh said as she urged the government’s Minimum Wage Commission to come up with a flexible minimum wage scheme that “reflects the perspectives of workers from different industries.”
Oh also called on the government to overhaul business regulations and education to “reduce the risk of closure and strengthen business soundness” among first-time business owners, as well as to reduce the financial burden of businesses struggling to make loan repayments.
During his speech, Yoon called small businesses “the highest priority” of his administration, noting that aides and staff from the presidential office recently made dozens of visits to shops and small businesses across the country to look for ways to ease their financial hardship.
Yoon noted that this administration has set aside 30 trillion won ($22.7 billion) in funds in post-Covid business stimulus, in addition to earmarking 4 trillion won in next year’s budget to furnish low-interest loans.
He also promised to waive 800 billion won of loan repayments that were distributed to small business owners and self-employed individuals during the Covid-19 pandemic.
The loan waiver program was announced earlier this week after a meeting between government officials, the presidential office and the conservative People Power Party.
Current legislation on government loans distributed during the pandemic requires businesses to pay back relief money once their sales increase.
Yoon also said the government will allow gas and heating bills to be paid in installments and subsidize the replacement of 64,000 aging air conditioning and heating units used by businesses.
Both Oh and the presidential office noted that Yoon was the first president to attend the convention, which has taken place annually for the past 18 years.
BY MICHAEL LEE [lee.junhyuk@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)