Democratic Party Increases Youth Budget by 360 Billion Won in Supplementary Budget... Re-pushes Amendment to Comprehensive Real Estate Tax Act

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the policy coordination meeting held at the National Assembly on the 2nd and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kang Nahum] The Democratic Party of Korea has decided to add a youth support budget worth 360 billion won to the third supplementary budget (추경). This move is seen as an effort to recover the ruling party's approval ratings, which have recently declined mainly among young people.

Kim Tae-nyeon, the floor leader of the Democratic Party, stated at the policy coordination meeting held at the National Assembly on the morning of the 2nd, "Although the Democratic Party was hit hard by COVID-19, we will add a youth-tailored support budget for those in their 20s, who have been relatively neglected, to the third supplementary budget."

He added, "We will increase the budget for expanding jeonse rental housing near subway stations and additional multi-family housing supply, and for enabling young people to utilize their IT skills to find employment in small and medium-sized enterprises. We will also ensure that young people's ideas in non-face-to-face industries lead to startups."

According to the detailed increase in the youth support projects announced by the Democratic Party, the total of 360 billion won includes ▲ 250 billion won for youth housing financial support ▲ 100 billion won for youth job support ▲ 10 billion won for youth startup support.

The Democratic Party also plans to re-push amendments related to housing stability, including the Comprehensive Real Estate Tax Act, Income Tax Act, Local Tax Special Cases Act, Housing Act, and Private Rental Housing Special Act.

Floor leader Kim said, "We will definitely reflect the necessary budget to protect the lives of young people and the public," adding, "In addition, we will carefully examine until the last moment whether there are any groups left out of government support for overcoming COVID-19."

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