알파경제 - The government will spend an additional 280 billion won on unpaid wages

Choi Sang-mok, Minister of Strategy and Finance (photo = Yonhap News)

[Alpha Biz= Reporter Kim Minyoung] The government will expand 280 billion won worth of funds to support companies and employees with overdue wages.

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, visited the Cheonan Employment and Labor Office of the Ministry of Employment and Labor on the 10th and said he would change the fund management plan.

The government will first expand an additional 280 billion won through a change in the operation plan of the Wage Bond Guarantee Fund and the Labor Welfare Promotion Fund this month. The expanded funds will be used to pay substitute payments for overdue wages, provide loans to unpaid businesses and workers, and provide loans for living expenses for low-income workers.

알파경제 Kim Minyoung (kimmy@alphabiz.co.kr)