South Korea’s new gov’t to compensate businesses for COVID curbs

President-elect Yoon Suk-yeol’s transition team does not specify how much small businesses will be paid.

South Korean president-elect Yoon Suk-yeol’s government will compensate 5.5 million owners of small businesses for losses suffered from COVID-19 curbs, the head of his transition team said on Thursday.

Yoon is expected to take office on May 10, and the team said in a statement that losses in operating income suffered by such businesses were estimated at 54 trillion won ($42bn) because of curbs during the 2020-2021 period.

It did not say exactly how much would be paid, however, or state the size of a supplementary budget that is expected.

South Korea lifted almost all pandemic restrictions apart from a mask mandate earlier this month as part of the country’s move towards living with the virus.