Gov't provides $55 mil. to Homeplus workers over 5 months

The South Korean government has allocated $55 million in financial assistance to workers at the struggling discount store chain Homeplus Co. over a five-month period, the finance ministry announced on Friday. From March 3 to the week of reporting, Homeplus employees received a total of 35.9 billion won in unemployment benefits and state payments for unpaid wages.

Additionally, they were granted 41.9 billion won in government-backed loans to cover living expenses during the same timeframe. Local suppliers and partner companies also received 11.6 billion won in support from the Korea SMEs and Startups Agency and related public corporations. The banking sector contributed 30.9 billion won in loans to these businesses, while extending 5.4 trillion won in loan maturities.

A ministry spokesperson highlighted that they remain vigilant in monitoring Homeplus's operations and will continue providing supportive measures to stabilize employees' livelihoods and partner companies' businesses. Earlier in the week, Homeplus had resumed operations at all 67 of its stores.