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 15% temporary reduction in fuel tax for 6 months...It also makes 59,000 public places

Oil taxes on gasoline, diesel, liquefied petroleum gas (LGP), and butane will be lowered by 15 percent for six months starting next month. Public corporations and public offices will also create 59,000 short-term jobs. Starting this year, businesses with less than five employees will be able to receive a monthly fixed-time fund of 150,000 won.

At the 18th economic ministers' meeting presided over by Deputy Prime Minister and Strategy and Finance Minister Kim Dong-yeon on Friday, the government announced a plan to support innovation and job creation according to the recent employment and economic situation. "Our economy is normal in consumption and exports, but private investment such as facilities and construction is weak and employment situation is difficult," said Vice Strategy and Finance Minister Kang Jung-kwon. Beginning next month, the government will temporarily lower the oil tax for six months from the current level to relieve the burden on small and medium-sized businesses and ordinary citizens who are suffering from rising oil prices and sluggish domestic demand. It is the first time in 10 years that the government has cut oil taxes since 2008, when international oil prices soared. In particular, the amount of oil tax cut is the largest ever. If the oil tax burden of about 2 trillion won is reduced for six months, the government expects to cut the price of gasoline by 123 won per liter, 87 won per liter for diesel and 30 won per liter for elphage and Bhutan. Gas taxes on gasoline and light oil consist of transportation, energy, environmental taxes, driving taxes, and education taxes, which account for 54.6 percent of gasoline prices, 45.9 percent of diesel and 29.7 percent of LPG and Bhutan. If the tax cut is reflected in the 100 percent price, gasoline will fall from 1,686 won per liter to 1,56 won per liter in the third week of October, 7.3 percent from 1,490 won per liter to 903 won per liter.
In 2008, the effect of tax cut is not actually lead to cheaper gasoline prices, according to the pointed out that the joint to operate a monitoring system on the ministry concerned, the government, and this time.Fuel tax is inhabun been priced in to industry quickly decided to ask. It also plans to set up a daily price reporting system to check whether prices have been reflected or if there is no price fixing between oil refineries and gas stations.

The government will also create 59,000 "customized jobs" for young people, 50s and 60s, by the end of the year to local governments in central and public agencies and employment industry crises. It is planning to make the most of this year's budget such as transfer and reserve budget and extend the work period by next year if necessary.

The government will increase the number of interns experienced by government agencies to 5,300 so that young people can get more job experience and increase the number of people who support public agencies in government departments to 2,300. The government will also hire 11,000 people on-site for public services such as safety and facility inspections (4,000 people), administrative information surveys and database construction (8,000 people), and traffic safety facilities to prevent accidents from happening.

For senior citizens, unemployed, and low-income people, the government prepared a "Hopeful Work" project, including environmental maintenance and investigation of employment and industrial crisis zones, with 7,000 workers. Considering that the number of employed people has decreased by 800,000 over the past five years from December to February, it has created jobs that are customized, not permanent, said Koh. They say that the government needs a prescription because jobs for vulnerable people such as temporary and daily workers are rapidly decreasing. However, critics say that the government is only producing short-term jobs due to the short-term employment period.

In order to maintain employment of small businesses after the minimum wage increase, the government has decided to provide additional support for the "precise money" introduced from this year's budget. The target is 2,100,000 won (excluding overtime pay) for workplaces with less than 30 employees, but for workplaces with less than five employees, the amount paid is increased from 130,000 won per worker to 150,000 won. Originally, it was planning to expand the number of applicants from next year, but it moved up the period to this year due to the remaining budget. As of the end of September, 52.1 percent of job security fund applicants had less than five employees.

In addition, the government will help companies invest more than 2.3 trillion won in plant expansion in the first half of next year. To overcome the slump in corporate investment, which is directly linked to jobs, the government is rushing to process administrative affairs and adjust interests. The government is also within this year to 15 trillion won worth of financing program through the Korea Development Bank and Industrial Bank for SMB's industrial structure or upgrading their environmental and safety.Support for infrastructure investment. It is going to consider establishing Smart Mountain in Changwon, South Gyeongsang Province, and strengthen its tax, subsidy, and support resources for U-turn companies. Investment in major public institutions will expand by 8.2 trillion won next year, and the government will exempt local public investment projects selected by the end of this year from preliminary feasibility surveys.

  |  Post by : dearrrrmor15

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