Business | Economy
Korea plans measures to ease burden from rising prices
South Korea plans to announce on Sunday measures to ease the financial burden from high oil and food prices, with the emphasis on helping lower paid workers.
- Reuters
- Published: 00:00 June 7, 2008
Seoul: South Korea plans to announce on Sunday measures to ease the financial burden from high oil and food prices, with the emphasis on helping lower paid workers.
A media officer at the finance ministry said Prime Minister Han Seung-soo and Finance Minister Kang Man-soo plan to hold separate briefings to explain the measures.
He said details were due to be decided at a meeting between the government and the ruling party early on Sunday.
Local news agency Yonhap News reported the package would include plans valued altogether at between 5 trillion won and 7 trillion won ($4.9 billion and $6.8 billion).
Budget
South Korea's government budget is scaled at 175 trillion won this year.
It said the government plans to fund the package with nearly 5 trillion won in tax revenue surplus carried over from last year and by savings from this year's budget spending plans.
Yonhap News quoted an unnamed official from the ruling Grand National Party as saying the measures would include a cut in domestic sales taxes on fuels and financial aid plans for the construction sector.
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