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S. Korea to Extend Financial Support for Tourism Industry Amid COVID-19 Pandemic

Written: 2020-03-16 15:47:14Updated: 2020-03-16 16:32:48

S. Korea to Extend Financial Support for Tourism Industry Amid COVID-19 Pandemic

Photo : YONHAP News

The South Korean government will provide special financial support to the domestic tourism industry to stabilize employment amid fallout from the new coronavirus pandemic.

The Labor Ministry said on Monday that government aid, including funds for job maintenance, will be expanded for businesses related to travel, lodging, tourism transportation and artistic performances for six months until September 15.

Under the employment maintenance fund system, the government partially covers the cost for struggling employers who decide to pay workers their non-duty and leave of absence allowances.

For designated businesses, the government will cover 90 percent of the cost, compared to the current maximum of 75 percent.

The ministry estimates there will be more than 13-thousand-800 eligible businesses and 171-thousand-500 workers who will benefit from guaranteed jobs.

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