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Moon unveils W40 tln relief package for key industries, job retention

Economy 11:29 April 22, 2020

SEOUL, April 22 (Yonhap) -- President Moon Jae-in on Wednesday announced a massive relief package, worth 40 trillion won (US$32 billion), for South Korea's key industries disrupted by the coronavirus pandemic.

The funds are meant to help them weather the crisis and protect jobs.

Moon also unveiled an additional job protection scheme that involves spending 10 trillion won to cushion the COVID-19 impact on the country's job market.

Hard-hit key industries include aviation, oil refinery, shipping, shipbuilding and car production, the backbone of the country's employment.

The president then instructed his economic team to push for the Korean-version New Deal to start major national infrastructure projects.

"Now is the beginning stage of a crisis," he said, presiding over the fifth and last weekly emergency economic council session on the economic and financial fallout of COVID-19.

Moon said companies face an "employment cold wave" just around the corner. "Employment may come more extensively and for a longer time that we have not experienced," Moon warned.

President Moon Jaein (2nd from L, back) makes his opening remarks during the fifth emergency economic council meeting at Cheong Wa Dae in Seoul on April 22, 2020. (Yonhap)

lcd@yna.co.kr
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