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As part of its response to the COVID-19 pandemic, the government introduced sizeable fiscal and liquidity support, including expanded employment-retention subsidies, emergency cash transfers, and loan-payment deferrals and guarantees for firms; measures the OECD later noted helped preserve jobs and limit household income losses.###OECD-SOURCE###<ref>{{cite report |title=OECD Economic Surveys: Korea 2022 |publisher=OECD Publishing |date=12 September 2022 |url=https://www.oecd.org/content/dam/oecd/en/publications/reports/2022/09/oecd-economic-surveys-korea-2022_bdaca86a/20bf3d6e-en.pdf |access-date=10 February 2026}}</ref> |
As part of its response to the COVID-19 pandemic, the government introduced sizeable fiscal and liquidity support, including expanded employment-retention subsidies, emergency cash transfers, and loan-payment deferrals and guarantees for firms; measures the OECD later noted helped preserve jobs and limit household income losses.###OECD-SOURCE###<ref>{{cite report |title=OECD Economic Surveys: Korea 2022 |publisher=OECD Publishing |date=12 September 2022 |url=https://www.oecd.org/content/dam/oecd/en/publications/reports/2022/09/oecd-economic-surveys-korea-2022_bdaca86a/20bf3d6e-en.pdf |access-date=10 February 2026}}</ref> |
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In April 2020, the government also announced a KRW 40 trillion Key Industry Stabilization Fund, via the [[Korea Development Bank]], to temporarily provide financing to sectors affected by the COVID-19 shock.###SK-GOV-SOURCE###<ref>{{cite web |title=Government Announces KRW40 Trillion Fund to Support Key Industries |publisher=Financial Services Commission (Republic of Korea) |date=22 April 2020 |url=https://www.fsc.go.kr/eng/pr010101/22371 |access-date=10 February 2026}}</ref> To reach workers outside employment insurance, a temporary emergency employment stabilization allowance was introduced for “special-type” workers and freelancers with pandemic-related income declines, with payments totalling 1.5 million won over three months.<ref>{{cite news |title=Unemployment cash for those who fall through safety net |work=Korea JoongAng Daily |date=7 May 2020 |url=https://koreajoongangdaily.joins.com/2020/05/07/economy/allowance-month-allowance-covid19allowance-employmentinsurance/20200507193200191.html |access-date=10 February 2026}}</ref><ref>{{cite news |last1=기자 |first1=이로운넷=박미리 |title=프리랜서 등 93만명 ‘긴급고용안전지원금’ 받는다 |url=https://www.eroun.net/news/articleView.html?idxno=11433 |access-date=10 February 2026 |work=이로운넷 |date=22 April 2020 |language=ko |trans-title=930,000 |
In April 2020, the government also announced a KRW 40 trillion Key Industry Stabilization Fund, via the [[Korea Development Bank]], to temporarily provide financing to sectors affected by the COVID-19 shock.###SK-GOV-SOURCE###<ref>{{cite web |title=Government Announces KRW40 Trillion Fund to Support Key Industries |publisher=Financial Services Commission (Republic of Korea) |date=22 April 2020 |url=https://www.fsc.go.kr/eng/pr010101/22371 |access-date=10 February 2026}}</ref> To reach workers outside employment insurance, a temporary emergency employment stabilization allowance was introduced for “special-type” workers and freelancers with pandemic-related income declines, with payments totalling 1.5 million won over three months.<ref>{{cite news |title=Unemployment cash for those who fall through safety net |work=Korea JoongAng Daily |date=7 May 2020 |url=https://koreajoongangdaily.joins.com/2020/05/07/economy/allowance-month-allowance-covid19allowance-employmentinsurance/20200507193200191.html |access-date=10 February 2026}}</ref><ref>{{cite news |last1=기자 |first1=이로운넷=박미리 |title=프리랜서 등 93만명 ‘긴급고용안전지원금’ 받는다 |url=https://www.eroun.net/news/articleView.html?idxno=11433 |access-date=10 February 2026 |work=이로운넷 |date=22 April 2020 |language=ko |trans-title=930,000 Receive Emergency Employment Support }}</ref> |
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Policy announcements in 2022–2023 included continued financial forbearance for small businesses and SMEs through extensions of loan maturities and repayment deferrals, alongside targeted relief for high energy costs via expanded energy vouchers for low-income households.###SK-GOV-SOURCE###<ref>{{cite web |title=Measures to Soft Land Loan Maturity Extension and Payments Deferment for Self-employed and SMEs |publisher=Financial Services Commission (Republic of Korea) |date=30 September 2022 |url=https://www.fsc.go.kr/eng/pr010101/78653 |access-date=10 February 2026}}</ref>###REUTERS###<ref>{{cite news |title=South Korea to double energy vouchers amid soaring bills, cold wave |agency=Reuters |date=26 January 2023 |url=https://www.reuters.com/world/asia-pacific/south-korea-double-energy-vouchers-amid-soaring-bills-cold-wave-2023-01-26/ |access-date=10 February 2026}}</ref> The government also convened strategy meetings aimed at strengthening competitiveness in semiconductors and rechargeable batteries,###REUTERS###<ref>{{cite news |title=South Korea’s Yoon calls strategy meeting to boost chip, battery sectors |agency=Reuters |date=10 April 2023 |url=https://www.reuters.com/world/asia-pacific/skoreas-yoon-calls-strategy-meeting-boost-chip-battery-sectors-2023-04-10/ |access-date=10 February 2026}}</ref> and in March 2023, the government expanded tax incentives and other support intended to strengthen competitiveness in high-tech manufacturing, including semiconductors and rechargeable batteries.###REUTERS###<ref>{{cite news |agency=Reuters |date=15 March 2023 |title=Samsung Electronics to invest $230 bln through 2042 in South Korea chipmaking base |url=https://www.reuters.com/technology/samsung-electronics-invest-230-bln-through-2042-south-korea-chipmaking-base-2023-03-15/ |access-date=10 February 2026}}</ref> |
Policy announcements in 2022–2023 included continued financial forbearance for small businesses and SMEs through extensions of loan maturities and repayment deferrals, alongside targeted relief for high energy costs via expanded energy vouchers for low-income households.###SK-GOV-SOURCE###<ref>{{cite web |title=Measures to Soft Land Loan Maturity Extension and Payments Deferment for Self-employed and SMEs |publisher=Financial Services Commission (Republic of Korea) |date=30 September 2022 |url=https://www.fsc.go.kr/eng/pr010101/78653 |access-date=10 February 2026}}</ref>###REUTERS###<ref>{{cite news |title=South Korea to double energy vouchers amid soaring bills, cold wave |agency=Reuters |date=26 January 2023 |url=https://www.reuters.com/world/asia-pacific/south-korea-double-energy-vouchers-amid-soaring-bills-cold-wave-2023-01-26/ |access-date=10 February 2026}}</ref> The government also convened strategy meetings aimed at strengthening competitiveness in semiconductors and rechargeable batteries,###REUTERS###<ref>{{cite news |title=South Korea’s Yoon calls strategy meeting to boost chip, battery sectors |agency=Reuters |date=10 April 2023 |url=https://www.reuters.com/world/asia-pacific/skoreas-yoon-calls-strategy-meeting-boost-chip-battery-sectors-2023-04-10/ |access-date=10 February 2026}}</ref> and in March 2023, the government expanded tax incentives and other support intended to strengthen competitiveness in high-tech manufacturing, including semiconductors and rechargeable batteries.###REUTERS###<ref>{{cite news |agency=Reuters |date=15 March 2023 |title=Samsung Electronics to invest $230 bln through 2042 in South Korea chipmaking base |url=https://www.reuters.com/technology/samsung-electronics-invest-230-bln-through-2042-south-korea-chipmaking-base-2023-03-15/ |access-date=10 February 2026}}</ref> |
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Revision as of 17:08, 10 February 2026
As part of its response to the COVID-19 pandemic, the government introduced sizeable fiscal and liquidity support, including expanded employment-retention subsidies, emergency cash transfers, and loan-payment deferrals and guarantees for firms; measures the OECD later noted helped preserve jobs and limit household income losses.###OECD-SOURCE###[1]
In April 2020, the government also announced a KRW 40 trillion Key Industry Stabilization Fund, via the Korea Development Bank, to temporarily provide financing to sectors affected by the COVID-19 shock.###SK-GOV-SOURCE###[2] To reach workers outside employment insurance, a temporary emergency employment stabilization allowance was introduced for “special-type” workers and freelancers with pandemic-related income declines, with payments totalling 1.5 million won over three months.[3][4]
Policy announcements in 2022–2023 included continued financial forbearance for small businesses and SMEs through extensions of loan maturities and repayment deferrals, alongside targeted relief for high energy costs via expanded energy vouchers for low-income households.###SK-GOV-SOURCE###[5]###REUTERS###[6] The government also convened strategy meetings aimed at strengthening competitiveness in semiconductors and rechargeable batteries,###REUTERS###[7] and in March 2023, the government expanded tax incentives and other support intended to strengthen competitiveness in high-tech manufacturing, including semiconductors and rechargeable batteries.###REUTERS###[8]
Press
Gov
- KOTRA Foreign Investment Ombudsman. (2020, March 27). [Press release] For the first time, up to 90% employment maintenance subsidy provided for all industries. KOTRA Foreign Investment Ombudsman. https://ombudsman.kotra.or.kr/ob-kr/bbs/i-2623/detail.do?ntt_sn=525
- Lee, B. (2022, July 14). President Yoon: “The burden of interest rate hikes should not be passed on to vulnerable groups and socially disadvantaged.” Republic of Korea Policy Briefing. https://www.korea.kr/news/cultureColumnView.do?newsId=148903534
- Presidential Archives of the Republic of Korea. Crisis response establishing Korea as a model nation – Case studies of crisis management under the Moon Jae-in administration (4). Web Archive. http://webarchives.pa.go.kr/19th/report.president.go.kr/story/view/4
- Presidential Archives of the Republic of Korea. Crisis response establishing Korea as a model nation – Economy: Case studies of crisis management under the Moon Jae-in administration. Web Archive. http://webarchives.pa.go.kr/19th/report.president.go.kr/story/view/2
- Republic of Korea Policy Briefing. (2021, April 13). President Moon: “Young people face bleak times due to COVID-19…take special measures.” https://www.korea.kr/briefing/policyBriefingView.do?newsId=148886181
- Republic of Korea Policy Briefing. (2021, June 16). Four years of the Moon Jae-in administration: Achievements and challenges of economic policy. Ministry of Culture, Sports and Tourism. https://www.korea.kr/briefing/policyBriefingView.do?newsId=148888815
- Republic of Korea Policy Briefing. (2021, September 17). ‘Compensation for losses’ for small business owners under gathering bans and business restrictions…Enforcement decree passed by Cabinet. https://www.korea.kr/news/cultureColumnView.do?newsId=148893323
- Republic of Korea Policy Briefing. (2023, January 27). [Policy at a glance] Expansion of heating cost support…Who is eligible for the ‘Energy Voucher’? https://www.korea.kr/news/policyNewsView.do?newsId=148910984
- Republic of Korea Policy Briefing. (2023, June 30). Leap toward solving national future food sources: 15 projects of the New Growth 4.0 Strategy. https://www.korea.kr/news/policyNewsView.do?newsId=148917050
- Republic of Korea Policy Briefing. (2024, April 2). President Yoon: “Unlimited and indefinite emergency fund for agricultural and livestock price stabilization.” https://www.korea.kr/news/policyNewsView.do?newsId=148927757&pWise=mSub&pWiseSub=C10
