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South Korea’s President Elect to Compensate Business Owners

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South Korean president-elect Yoon Suk-yeol says his government will compensate 5.5 million owners of small businesses for losses suffered from COVID-19 curbs.

The head of his transition team said Yoon is expected to take office on May 10, and the team said in a statement that losses in operating income suffered by such businesses were estimated at 54 trillion won.

South Korea lifted almost all pandemic restrictions apart from a mask mandate earlier this month as part of the country’s move towards living with the virus.

Written by: Helen Obih

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