Ruling and Opposition Parties Join Hands on Retroactive Loss Compensation: "We Must Give the People Strength to Endure"

[Asia Economy Reporter Jeon Jin-young] Lawmakers from the three major parties have joined hands to pass the Loss Compensation Act, which retroactively compensates economic damages suffered by self-employed individuals and small business owners due to COVID-19. They urged the passage of the bill at the subcommittee of the National Assembly's Industry, Trade, Energy, Small and Medium Business Committee scheduled for the 27th and at the plenary session on the 29th.

Min Byeong-deok of the Democratic Party, Choi Seung-jae of the People Power Party, and Shim Sang-jung of the Justice Party held a press conference at the National Assembly on the 25th, calling for the enactment of the Loss Compensation Act, saying, "Shouldn't we at least provide the strength to endure until vaccination?"

[Image source=Yonhap News]

At the press conference, Rep. Shim said, "The government must properly repay the overdue fees as per the bill presented by the people for 'K-Quarantine,'" adding, "The government must fulfill its debt for losses incurred throughout the entire period following the government's controlled quarantine measures." He criticized, "The government's fiscal expenditure for the recovery of the people's economy damaged by COVID-19 is only one-fifth of that of advanced countries. Meanwhile, household debt has surpassed nominal GDP for the first time. Our government has become the richest government among advanced countries, while the people have become the poorest. This means it has been the most stingy government in restoring the people's livelihood from COVID-19."

[Image source=Yonhap News]

Rep. Min pointed out, "Article 23 of the Constitution stipulates that when property rights are expropriated or restricted for public necessity, the state must provide just compensation," adding, "If the state restricts citizens' property rights for public necessity, the timing should rightly be traced back to when the administrative order began. That is the spirit of the Constitution."

He further added, "The government and political parties across the aisle should remember that the spirit of the Constitution of the Republic of Korea is to compensate citizens who have endured special sacrifices by complying with the state's orders for public safety in preventing infectious diseases as quickly as possible for their actual losses."

[Image source=Yonhap News]

Rep. Choi, who has been holding a tent sit-in in front of the National Assembly main building for 14 days to enforce retroactive application of loss compensation, raised his voice, saying, "Loss compensation is possible with just policy will, but the government must bear harsh responsibility for the anti-human rights state violence that denies retroactive application," adding, "The sophistry that a few consolation payments are sufficient compensation cannot be tolerated."

He warned, "I also sternly warn the government's financial authorities. Stop unconstitutional acts that abandon the state's duties immediately, and do not try to hinder the legislative activities of the National Assembly or stall by using unjust logic."

Finally, they jointly demanded ▲awakening of the floor leadership of each party ▲formation of a government-wide task force (TF) for loss compensation ▲solutions to COVID-19 small business loan issues through a National Assembly-level TF ▲and preparation of revival funds for self-employed individuals and small business owners.

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