President Moon Jae-in announced that the government will swiftly make a third round of COVID-19 relief payments worth nine-point-three trillion won to assist South Koreans struggling amid the pandemic.

At this year's last Cabinet meeting on Tuesday, Moon said the payments will be made starting early January as customized support for small businesses affected by social distancing and those who have either lost jobs or had their salary cut.

Small business owners and the self-employed will receive one million won and an additional one to two million won to ease the burden of covering business rental fees. Low-interest loans and insurance payment reductions will also be provided.

Workers under a temporary contract and freelancers will be eligible to benefit from an income stability fund.

The president vowed to mobilize all financial policies to protect the job market and ultimately, people's livelihoods.