S. Korea unveils huge extra budget to revive economy

SEOUL, March 24 (Yonhap) -- The following is the gist of the government's extra
budget of 28.9 trillion won unveiled on Tuesday to create jobs and bolster the
slumping economy. The supplementary budget, which requires parliamentary
approval, is seeking to;

1. provide 4.2 trillion won in financial support for low-income people
- offer financial help to an additional 1.2 million low-income households
- offer zero-interest loans and other financial support to low-income people seeking
to find a stable place to live, while enhancing living conditions for children,
physically-challenged and senior people at charitable facilities
- expand unemployment benefits
- provide more scholarships for college students of low-income households

2. inject 3.5 trillion won to maintain or generate jobs
- provide financial support to companies that retain jobs despite an economic slump
- cover up to 40 percent of salaries for employees who are placed on unpaid leave
under the job-sharing program
- cover up to 70 percent of salaries of interns for six months
- hire intern teachers and provides employment for senior citizens
- provide job training and recruitment programs to college graduates

3. spend 4.5 trillion won to help small firms, exporters and the self-employed
- expand credit guarantees and financial support for cash-strapped small businesses
- offer support for business start-ups
- help exporters with overseas marketing

4. spend 3 trillion won in stimulating provincial economies
- purchase bonds issued by municipal governments
- expand support for small businesses and self-employed people with poor credit
records.
- support early completion of social infrastructure construction projects in which
local builders participate

5. invest 2.5 trillion won to strengthen future growth engines including
eco-friendly business
- expand spending on research and development, IT and software industries
- improve the education environment
- streamline major rivers, develop water resources and protect the eco-system.
kokobj@yna.co.kr
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