The government said on the 31st that it will give part of the unpaid deposits to victims of jeonse fraud in cash and invest 2.8 trillion won to support youth startups. In drawing up a supplementary budget of 26.2 trillion won, it said it would spend about 10% of it to stabilize people's livelihoods. For the general public, it will support agricultural, livestock and fishery products, as well as movie and vacation costs.
The government said on the 31st that it held a Cabinet meeting to review and approve a supplementary budget bill containing these measures. There are three main directions for stabilizing people's livelihoods. The first is to support the daily recovery of vulnerable groups. A total of 800 billion won will be spent on this. Specifically, the plan guarantees up to one-third of the damages for victims of jeonse fraud. For example, if a deposit of 150 million won was not fully recovered, the government will return 50 million won. If 20 million won was recovered through an auction, the government will provide only 30 million won (50 million minus 20 million).
In addition, without separate income screening, the government will increase the Just Dream Center, which provides daily necessities such as instant rice and detergent, from the current 150 locations to 300. It will expand funding for the Hope Return Package, which supports small business owners with store demolition and reopening, and expand employment retention subsidies for the petrochemical industry struggling with surging raw material prices. To help employers pay overdue wages, it will expand loans for overdue wage settlement and increase livelihood stabilization funds for workers to support the unemployed.
The second direction is support for youth startups and employment. A total of 1.9 trillion won will be invested. The government will promote the "Everyone's Startup" project, selecting promising entrepreneurs through competitions and providing up to 100 million won in business funds. It will also create science-centered startup cities around the four institutes of science and technology (Korea Advanced Institute of Science and Technology (KAIST), Gwangju Institute of Science and Technology (GIST), Daegu Gyeongbuk Institute of Science and Technology (DGIST), Ulsan National Institute of Science and Technology (UNIST)), hold startup competition leagues, and set up laboratories. For young people who have taken a break, it will establish the "K-New Deal Academy," under which large companies run vocational skills development programs.
The third and final direction is to ease the burden of high inflation for the entire population. This project will cost 100 billion won. The government will sell agricultural, livestock and fishery products at a discount through online and offline retailers. It also decided to provide support of 6,000 won per movie, 20,000 to 30,000 won per night for lodging, and up to 200,000 won for vacation expenses.