Daily Management Review

Japanese authorities will allocate unprecedented sum to support the economy and people


Japanese authorities will adopt a $692.1 billion package to support sectors and populations most affected by the COVID-19 pandemic.

The government will allocate $488.5 billion from the budget, with private businesses, foundations and financial institutions investing the rest.

Under the programme, $877 will be given to families with annual incomes below $84,000 for every child under 18. The same amount will go to families who are experiencing severe financial hardship because of the pandemic.

Small and medium-sized businesses affected by the pandemic could expect to receive up to $219,000, depending on the extent of the damage.

The package also includes pay rises of up to 3% for nurses, kindergarten teachers, carers and assistants in caring for the elderly and infirm. Changes on the commodity market are taken into account. If the retail price of petrol exceeds $1.5 per litre, refiners will be compensated to keep fuel prices down. At the same time, it is planned to provide financial support to families who purchase housing with energy-saving technologies.

Measures are also planned to implement the economic security strategy, one of Prime Minister Fumio Kishida's main campaign talking points. For example, $4.3 billion is earmarked for technology development such as vaccine development, semiconductor manufacturing, etc. - $4.3 billion is being allocated.

source: reuters.com