Democratic Party: "Cannot Wait Like Government's Position"... Forcing Loss Compensation and Win-Win Fund Proposal on the 25th

Hong Ik-pyo, head of the Inequality Resolution Task Force, is delivering opening remarks at the 1st meeting of the Post-Corona Inequality Resolution Task Force held on the 15th at the National Assembly Members' Office Building. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] The Democratic Party of Korea has set a deadline of the 18th for the Ministry of Economy and Finance to provide its stance on COVID-19 loss compensation and the establishment of the Win-Win Solidarity Fund. The Democratic Party plans to push forward with the bill proposal on the 25th even if the Ministry of Economy and Finance does not present a confirmed position by the 18th.

Considering self-employed individuals who are on the brink, the Democratic Party is emphasizing prompt legislation. With the April 7 by-elections approaching, the opposition party also agrees that the loss compensation system is urgent, making speed essential.

Hong Ik-pyo, chairman of the Democratic Party’s Policy Committee, said in a phone interview with Asia Economy on the 16th, "We will propose a bill at the Policy Committee level for loss compensation and fund establishment by the 25th. We requested the government side to deliver their position by the 18th, and this schedule was also discussed at the high-level party-government meeting held on the 14th."

He added, "We will finalize the government’s position this week, decide on acceptance for each issue, and prepare for the bill proposal next week. The government’s stance has been delayed more than expected, making it difficult to wait any longer. If the deadline passes, it will be hard to reflect the government’s position at all." The plan is to propose the bill during the February extraordinary session and aim for its passage in the National Assembly next month before the by-elections.

The Democratic Party intended to propose the bill even before the Lunar New Year holiday if consultations with the government proceeded smoothly. However, the government is showing a cautious attitude. According to a review report on the Infectious Disease Prevention Act amendment prepared by Shin Hang-jin, a specialist at the National Assembly’s Health and Welfare Committee, the Ministry of Economy and Finance stated regarding the loss compensation system that "(Business restrictions) are general and social constraints imposed preventively on an unspecified majority to prevent the spread of infectious diseases. Considering the purpose and intent of the law, the unspecified nature of the scope and items of losses, and the difficulty of proving losses, expanding the scope of compensation requires caution," expressing a 'difficult to accept' stance.

The Ministry of Economy and Finance has only recently begun conducting research related to the loss compensation system. A ministry official said, "We will report on the current review by the 18th, but since some aspects are being examined through research projects, it is impossible to bring a final government conclusion to be reflected in the ruling party’s bill." If it is difficult to present the government’s position within the deadline set by the Democratic Party, it appears that the Democratic Party’s independent bill will proceed to discussion.

Meanwhile, Joo Ho-young, floor leader of the People Power Party, emphasized the day before, "Before the payment of the 4th disaster relief fund, the precise enactment of the loss compensation law is an urgent task." Within the People Power Party, Kwon Young-se, a four-term veteran lawmaker, has already proposed a related bill.

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