Seoul: Acting President Choi Sang-mok announced plans on Thursday to implement additional support measures aimed at alleviating the ongoing challenges faced by small merchants in South Korea. These initiatives include the introduction of government-funded vouchers and advance purchase programs, designed to stimulate domestic consumption, which has been sluggish for an extended period.
According to Yonhap News Agency, during a policy discussion session, Choi emphasized the government's dedication to addressing the business hurdles encountered by small merchants. He affirmed that these new measures would build on previous initiatives unveiled in July and December, highlighting the government's commitment to bolstering support for this sector.
Choi acknowledged that despite earlier efforts, small merchants and self-employed individuals continue to struggle. Consequently, the government has developed an additional support plan to further assist these businesses. As part of this initiative, both the government and local authorities will use budgetary funds for advance purchases of essential goods, providing immediate relief to small merchants.
To address accessibility issues, particularly the mandatory installation of barrier-free kiosks for people with disabilities set to be enforced next year, Choi revealed that the government would formulate measures in the first half of the year. These measures aim to alleviate the financial burdens associated with compliance for small merchants.
Other proposed support measures include a 20 percent cashback promotion on gift certificates and broadening the eligibility criteria for foreign workers with non-professional employment (E-9) visas. This expansion is intended to mitigate labor shortages, particularly within the restaurant industry.
Previous government initiatives have included an interest refund program and debt restructuring efforts for small merchants and the self-employed. Additionally, support for business closures has been provided, assisting affected merchants in transitioning to new ventures.