Yun Hojung: "Next Year's Budget Must Be Actively Allocated by Government for Loss Compensation"

Yoon Ho-jung, floor leader of the Democratic Party of Korea, is attending the floor strategy meeting held at the National Assembly on the 10th and delivering opening remarks. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Jeon Jinyoung] Yoon Ho-jung, floor leader of the Democratic Party of Korea, expressed his determination on the 11th to expand compensation for losses of self-employed workers and small business owners. He repeatedly pressured the government to prepare next year’s budget in an expansionary manner.

At the Supreme Council meeting held at the National Assembly that morning, Floor Leader Yoon said, “The budget for compensation of losses for small business owners must be sufficiently prepared to clearly show the government’s will.”

He emphasized, “It is urgent to build a large warehouse and fill it to compensate self-employed workers and small business owners whose livelihoods have been pushed into crisis by COVID-19. Partial compensation is not enough. We must actively ensure sufficient compensation for loss recovery.”

He added, “The budget authorities should not prepare the budget insufficiently and cause public anxiety,” and “I hope the government shows active efforts so that there will be no criticism that the fiscal authorities failed to properly exercise the government’s budget preparation rights as stipulated by the constitution in responding to unprecedented crises like COVID-19, making it difficult to overcome the crisis,” once again pressuring the government.

Song Young-gil, leader of the Democratic Party, also stated at a press conference marking his 100 days in office the day before, “To heal the wounds left by COVID-19 and strengthen the momentum for economic growth, an active role of fiscal policy as a primer is necessary,” and “Regarding next year’s budget, considering the recent growth rate, the party and government will pool wisdom to prepare it in an expansionary manner.”

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