Democratic Party's General Election Pledge: "Establishment of National Film Museum and Contribution of 50 Billion Won Development Fund"

"Acceleration of Korean Film's Global Market Entry Following 'Parasite' Winning 4 Academy Awards"

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] The Democratic Party of Korea is promoting the establishment of a National Film Museum as part of its general election pledges. They announced plans to contribute a total of 50 billion KRW to the Film Development Fund over the next five years and to support national pension insurance premiums for freelance artists.

On the morning of the 12th, the Democratic Party's Policy Committee held a general election pledge announcement ceremony at the National Assembly, stating, "We will support the acceleration of Korean films' entry into the global market following the four Academy Awards won by the film 'Parasite,'" and added, "We will promptly push forward with the establishment of the National Film Museum."

The Democratic Party also plans to significantly expand various budgets for the development of the film industry. According to the pledge, the government will contribute a total of 50 billion KRW to the Film Development Fund over the next five years and will pursue a permanent tax credit for video content production costs. The tax credit rates will also be increased from 10% to 15% for small and medium enterprises, from 7% to 10% for mid-sized companies, and from 3% to 7% for large corporations.

The current content investment ratio, which stands at 0.3% (75.1 billion KRW) of the total national research and development (R&D) budget, will be increased to around 1%, and the scale of content policy financing will be expanded from the existing 400 billion KRW to over 2.2 trillion KRW. The 'Korea Content Valley,' a content industry complex, will be developed, and national pension insurance premiums for freelance artists will be supported (50% of the regional subscriber’s personal burden).

To provide opportunities for public cultural enjoyment, a 'First Adult Art Love Card (50,000 KRW)' will be issued to first-time residents registered at age 17, and first-grade elementary school students will receive 50,000 KRW each through the 'School First Step Cultural School' project. The support amount for the 'Integrated Cultural Voucher' will be increased from 90,000 KRW to 100,000 KRW.

Additionally, the current worker vacation support system, which provides 100,000 KRW to 80,000 people, will be expanded to 500,000 people with up to 200,000 KRW. A '2.5 Vacation Campaign' linked to early leave on the last Friday of every month will also be implemented. Income tax deductions for travel accommodation expenses will be pursued as well.

The Democratic Party's Policy Committee analyzed that a total of 2.6774 trillion KRW will be required for these general election pledges by 2024. The committee emphasized, "Through bold cultural and artistic support policies based on creativity, diversity, and inclusiveness, we will guarantee a leisurely life for all citizens and strengthen the cultural and artistic capabilities of our society."

This content was produced with the assistance of AI translation services.