The South Korean government recently announced the launch of a stimulus package valued at 3 trillion won to boost low domestic consumption. The country’s executive will offer tax benefits and financial aid to both low income and small business, according to The Korea Times.
Among other measures, South Korean authorities will encourage flexible working hours by designating one day of each month so families can develop leisure activities. They will also force employers to leave workers two hours early on Fridays. In addition, employees will receive special discounts on the advance reservation of train tickets.
On the other hand, citizens with lower incomes will receive double the amount they currently receive as tax breaks for fuel consumption. The amount of these returns will increase from 100,000 won (82 euros) to 200,000 won (164 euros).
Small businesses and restaurants will also benefit from new government measures, including the launch of a low-interest line of loans totaling 80 billion won (€ 65 million).
However, the decisions of the Executive have received several criticisms, according to the same sources. Thus, the professor of the University of Seoul, Yun Chang-hyun, indicated that these measures have little sense from the economic point of view. “Doing politics is better than not doing it, but this seems to have been done from despair without really understanding what the real problem is. It will not be effective, “he said. “First we have to try to find solutions to boost job creation,” said the expert, who stressed that one of the main obstacles facing the country is the lack of job opportunities for young people.