Gov't provides $55 mil. to Homeplus workers over 5 months
A total of 77.8 billion won ($55 million) in government funds has been provided to workers of financially troubled discount store chain Homeplus Co. over the past five months, the finance ministry said Friday. Some 35.9 billion won in unemployment benefits and state payments of unpaid wages was provided to Homeplus employees from March 3 through Wednesday, according to the Ministry of Finance and…
The government has allocated $55 million in financial support to employees of the struggling discount store chain Homeplus Co. over the past five months, as reported by the finance ministry on Friday. From March 3 to this week, workers received a combined total of 77.8 billion won, which included 35.9 billion won in unemployment benefits and unpaid wage reimbursements, as well as 41.9 billion won in government-backed loans to cover living expenses.
Additionally, local suppliers and partner companies were provided with 11.6 billion won in financial assistance through the Korea SMEs and Startups Agency and other relevant public corporations. The banking sector also chipped in with 30.9 billion won worth of loans to these businesses, extending loan maturities by an additional 5.4 trillion won.
A ministry official emphasized that they will closely monitor Homeplus's operations and continue providing supportive measures to stabilize the livelihoods of employees and partner companies. Earlier this week, Homeplus announced the resumption of operations at all 67 of its stores.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Gov't provides $55 mil. to Homeplus workers over 5 months koreatimes.co.kr
- Gov't provides 77.8 bln won to Homeplus workers over 5 months en.yna.co.kr
