The South Korean government is extending a helping hand to small business owners and the self-employed to ease the burden of the minimum wage hike.
At a policy coordination meeting Wednesday,... the ruling Democratic Party of Korea and the government agreed it will come in the form of additional financial support.
The two sides say they will expand the number of people eligible for earned income tax credit -- a program that gives tax refunds to low-income households.
The package also includes supporting social insurance fees... and a cut in credit card commissions... for small online business owners and private taxi drivers.
They also plan to provide special low-rate loans to small business owners,... while small businesses with less than five workers will get an additional monthly job allowance.
The government expects that the measures will be equivalent to providing over 6 billion U.S. dollars in support.
The ruling party also vowed to pass related bills during the August parliamentary session so the new measures can be implemented smoothly.