Ruling Party "Coexistence 3 Laws to Be Proposed Today... Including Supplementary Budget, to Be Processed Next Month"

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] The Democratic Party of Korea announced that it will propose the Win-Win Solidarity Three Acts (Cooperative Profit Sharing Act, Loss Compensation Act, Social Solidarity Fund Act) today and aims to pass them next month.

The supplementary budget bill for disaster relief payments is expected to be approved at the Cabinet meeting on March 2, submitted to the National Assembly on the 4th, and after the National Assembly's review process, passed at the plenary session on the 18th.

On the 26th, after the Supreme Council meeting, Chief Spokesperson Choi In-ho told reporters, "The Loss Compensation Act will be proposed today by amending the Small Business Support Act," and added, "The Social Solidarity Fund Act is also planned to be proposed today."

The plan includes incorporating the basis for loss compensation due to business restrictions caused by COVID-19 into the Small Business Support Act and establishing exceptions to allow loss compensation for businesses that do not qualify as small businesses.

A party policy committee official said, "It includes provisions to exceptionally expand the criteria for small business definitions by industry, such as the number of employees, under the pandemic situation," adding, "The food service and service industries will be included." It is also known that a separate review committee will be established to examine eligibility for loss compensation.

The Social Solidarity Fund Act, proposed respectively by Representatives Jung Tae-ho, Lee Yong-woo, and Yang Kyung-sook, involves establishing a public fund with private participation to be used for livelihood support for low-income groups, employment support for the unemployed, and improvement of treatment for irregular workers. The Cooperative Profit Sharing Act has already been proposed by Representatives Jo Jeong-sik and Jung Tae-ho.

Chief Spokesperson Choi said, "There was a resolution to propose all three Win-Win Solidarity Acts in February as originally planned and to process them in March."

Regarding the fourth disaster relief payment, he stated, "The scale, content, target, and payment method will be finalized at the party-government-office meeting on the 28th," and added, "Almost all disaster relief payments will be completed within March."

The supplementary budget bill for disaster relief payments is planned to be approved at the Cabinet meeting on March 2, submitted to the National Assembly on the 4th, and passed at the plenary session on the 18th after the National Assembly's review process.

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