Ruling and Opposition Parties Agree on Disaster Relief Payment of 250,000 Won Per Person... High-Income Earners Excluded

[Asia Economy Reporter Jeon Jinyoung] The ruling and opposition parties agreed on the afternoon of the 23rd to pass the second supplementary budget bill for supporting small business owners and providing disaster relief funds.

Maeng Seonggyu, the ranking member of the National Assembly's Budget and Accounts Committee from the Democratic Party of Korea, told reporters in the afternoon, "The ruling and opposition parties have reached an agreement, so the Ministry of Economy and Finance has started the sheet work (adjusting figures)."

Regarding the scope of recipients for the disaster relief funds, Maeng said, "Excluding high-income earners and single-person households with an income of over 50 million won, 250,000 won will be paid per person," adding, "The payment coverage ratio is not exactly 9 to 1, but it is close to 90 percent."

As for the scale of support for small business owners, it was decided to increase the budget by about 1.5 trillion to 1.6 trillion won by combining the Hope Recovery Fund and loss compensation.

The 2 trillion won national bond repayment specified in the government-submitted supplementary budget bill will be maintained as is.

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