South Korea’s new gov’t to compensate businesses for COVID curbs

President-elect Yoon Suk-yeol’s transition team does not specify how much small businesses will be paid.

Yoon Suk-yeol, the presidential candidate of the main opposition People Power Party, who was elected South Korea’s new president on Thursday, speaks as he is congratulated by party’s members and lawmakers at the National Assembly in Seoul
South Korean president-elect Yoon Suk-yeol's incoming government has promised to compensate small businesses for losses due to COVID restrictions [File: Lee Jin-man/Pool via Reuters]

South Korean president-elect Yoon Suk-yeol’s government will compensate 5.5 million owners of small businesses for losses suffered from COVID-19 curbs, the head of his transition team said on Thursday.

Yoon is expected to take office on May 10, and the team said in a statement that losses in operating income suffered by such businesses were estimated at 54 trillion won ($42bn) because of curbs during the 2020-2021 period.

It did not say exactly how much would be paid, however, or state the size of a supplementary budget that is expected.

South Korea lifted almost all pandemic restrictions apart from a mask mandate earlier this month as part of the country’s move towards living with the virus.

Source: Reuters