Jin Sung-jun, chairman of the policy committee of the Democratic Party of Korea, said on the 3rd, “The Democratic Party will push for compensation for losses suffered by small business owners due to internal disturbances.”
Chairman Jin noted during a policy coordination meeting held at the Democratic Party's tent headquarters in Gwanghwamun, Seoul, that “it is appropriate for the government to take responsibility for the harm to the people caused by its illegal acts.”
He explained that the background for pursuing loss compensation is that “the Small Business Association, which I met yesterday, expressed concerns that the crisis for small business owners is spreading to the entire economy of South Korea, even lamenting that it would have been better during the COVID-19 situation.”
He added, “The state must take responsibility for small business owners whose livelihoods are threatened by the unconstitutional and illegal actions of the Yoon Seok-yeol administration,” and asked, “Didn’t the government compensate self-employed small business owners for losses during the COVID-19 pandemic when they were unable to operate due to administrative orders?”
Chairman Jin stated, “The Democratic Party proposed that the supplementary budget include 2.8 trillion won for compensation for losses suffered by small business owners due to internal disturbances in February,” adding that “this is to help self-employed small business owners escape the crisis of survival and lay the groundwork for recovery.”
He emphasized regarding the government’s previously proposed supplementary budget of 10 trillion won, “Now is not the time for a small-scale supplementary budget that just alleviates the immediate situation; a bold supplementary budget for economic revitalization is necessary. A meager supplementary budget of 10 trillion won without detailed provisions cannot save the economy or people's livelihoods.”
Chairman Jin added, “To revive lives pushed to the brink and ensure at least minimal economic defense, consumption stimulation is key,” and emphasized that “there should be no closure of businesses that can continue due to reduced consumption following the disturbances, and support for low-interest financial resources like corporate management stabilization funds must be expanded for small business owners who are unable to take additional loans due to hitting their borrowing limits.”
Additionally, he urged, “The government should not evade responsibility by talking about bipartisan agreements, but rather quickly prepare and submit a genuine supplementary budget for revitalizing domestic consumption and the economy, which must naturally include the four consumption stimulation packages and compensation for losses suffered by small business owners due to internal disturbances.”
In relation to the U.S. imposing mutual tariffs of 25% on our country, he also said, “The government must fully engage all high-level talks and diplomatic channels to swiftly negotiate with the U.S.,” adding, “It is essential to dismiss Yoon Seok-yeol immediately and for the new government to quickly initiate trade negotiations with the U.S.”