Stores are shut down in Myeongdong in downtown Seoul on Dec. 10, 2020. (Yonhap)
SEOUL, March 25 (Korea Bizwire) — South Korea said Thursday it will offer discounts on electricity fees for small businesses to ease their burden amid the prolonged new coronavirus pandemic.
The parliament passed a bill to allocate 220 billion won (US$193 million) in extra budget to ease the financial burden on virus-hit small businesses from April to June, according to the Ministry of Trade, Industry and Energy.
About 185,000 business establishments, whose operations are banned under the country’s social distancing scheme, will receive a 50 percent discount over the period. Businesses, which are allowed to operate with some restrictions, will be granted a 30 percent cut.
The program is expected to benefit more than 1 million businesses.
Earlier this week, the state-run Korea Electric Power Corp. also said it has decided to maintain the current electricity rate for the second quarter despite increased fuel costs, in line with the country’s efforts to ease the burden on the public amid the virus pandemic.
The country has implemented Level 2 social distancing measures, the third highest in the five-tier curbs, in the wider Seoul area since February.
Under the measures, restaurants and other public facilities in the greater Seoul area can operate till 10 p.m. Private gatherings of five or more people are banned as well.
(Yonhap)
