President Moon “Review of institutionalization of loss compensation that can afford financial support”

President Moon Jae-in is speaking in a 2021 business report held at the Blue House in the afternoon. yunhap news

President Moon Jae-in actually empowered the party in a situation of confusion over the legalization of the ‘3 Corona Compensation Act’ (the Loss Compensation Act, the Cooperation Profit Sharing Act, and the Social Solidarity Fund Act). This is expected to accelerate the work of the Democratic Party’s “Treatment of the Provisional Parliamentary Assembly in February of the Loss Compensation Act”, but at the same time, concerns and controversy over the provision of enormous financial resources are growing.

President Moon said in a 2021 burn business report of the Ministry of Health and Welfare, the Ministry of Food and Drug Safety, and the Korea Centers for Disease Control and Prevention, held at the Blue House on the 25th, “For small business owners and self-employed persons whose business is restricted or prohibited by the government’s quarantine measures, they lose to the extent that their finances can afford it. I hope you will review the plan to institutionalize compensation with the relevant ministries and party governments.”

It is interpreted that the recent legalization of compensation for losses was revealed to be directly intervened when the government officials and the ruling party, headed by Hong Nam-ki, deputy prime minister of the economy and minister of the Ministry of Strategy and Finance, were exposed to conflict.

The Democratic Party has pledged to deal with the Corona Compensation Act next month, with two months left for the Mayor’s by-election in Seoul and Busan, which is called the “preliminary war for the presidential election”. Representative Lee Nak-yeon said at the Supreme Council on the same day, saying, “I hope that the bill for institutionalization of compensation for losses will be discussed from the extraordinary National Assembly in February.” Representative Lee emphasized the legitimacy of the Three Laws, saying, “It is the same reason that it is beneficial to all to wear it by sharing it rather than to wear a mask for only a few people.” Policy Committee Chairman Hong Ik-pyo said in a radio interview that day,’Wouldn’t the payment be made within March and at the latest in early April.’ The Democratic Party decided to hold a general meeting of lawmakers on the 27th to discuss next month’s legislative issues, and also to convene a task force for resolving corona inequality within the party on the 28th.

Regarding the legalization method of the Loss Compensation Act, a plan to enact a new special law or amend the existing infectious disease law is being discussed.

Hong Nam-ki, Deputy Prime Minister of Economy. yunhap news

This is a content that compensates a certain portion of the damage to the business sector that has been hit by the corona 19-related quarantine measures.The loss compensation method is a fixed amount for self-employed and small business owners whose annual sales are 40 million won or less without taxable data or compensation based on annual sales. It is known that they are considering’two-track’ to compensate.

The cooperative benefit-sharing law, which was abolished in the face of opposition from opposition parties in the 20th National Assembly, called “anti-market”, raises the possibility that the amendment to the Win-Win Cooperation Law initiated by Democratic Party lawmakers Chung Tae-ho and Jo Jung-sik again in the 21st National Assembly. As there is already a proposal, it will be processed in February. The Social Solidarity Fund Act, which is about providing funds raised by corporate voluntary donations or bonds, to small business owners and self-employed persons, has been enacted.

Reporters Dongsoo Lee and Dohyeong Lee [email protected]

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