Government Confirms KRW 33.3 Billion in Unpaid Wages at Homeplus for June... Swift Substitute Payments to Be Provided

Yonhap News

According to a government investigation, Homeplus’s unpaid wages from last month amounted to KRW 33.3 billion. The government has decided to promptly provide substitute payment of the overdue wages to affected workers and to expand financial support for partner companies and small business owners.

On July 10, Lee Hyung-il, the First Vice Minister of Economy and Finance, held a task force (TF) meeting at the Government Complex Sejong to review the damage caused by the Homeplus incident and to check on the implementation status of related support measures.

The TF’s comprehensive investigation found that the amount of unpaid wages at Homeplus for June was KRW 33.3 billion. The government will quickly provide substitute wage payments of up to KRW 21 million per person to affected workers. In addition, to ensure urgent livelihood stability, the government will support low-interest loans for living expenses at an annual interest rate of 1.5%, with a limit of KRW 10 million per person.

Financial support for small partner companies and small business owners will also be strengthened. Applications for preferential interest rates and increased limits for emergency management stabilization funds for small business owners will begin on July 15.

The Korea Credit Guarantee Fund added affected small and medium-sized enterprises (SMEs) and mid-sized companies to the list of beneficiaries for emergency response special guarantees last month. In addition, the banking sector has decided to participate in easing the funding shortage by offering additional repayment deferments and maturity extensions for loans to Homeplus partner companies.

This content was produced with the assistance of AI translation services.