Gyeonggi-do Confirms Supplementary Budget Including Disaster Relief Fund for All Residents... 5.04 Trillion Won

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has finalized the '2021 3rd Supplementary Budget Plan,' which includes a budget to provide disaster relief funds to the top 12% income earners excluded from the government's disaster relief payment. The province will submit the budget plan to the Gyeonggi Provincial Council on the 20th.

The scale of this supplementary budget plan prepared by the province is 37.0525 trillion KRW, an increase of 5.0401 trillion KRW (15.5%) compared to the 2nd supplementary budget (32.4624 trillion KRW).

By account, the general account increased by 4.9881 trillion KRW, and the special account increased by 52 billion KRW.

For the general account, resources such as 1.0007 trillion KRW in excess revenue for 2021, 2.9378 trillion KRW in national subsidies, and 220.5 billion KRW in provincial government refund income due to expenditure restructuring and the closing of the 2020 fiscal year were utilized.

The supplementary budget plan includes 2.664 trillion KRW for the execution of the government's 5th disaster relief fund (Win-Win National Support Fund) and an additional 419 billion KRW (shared by the province and municipalities) to provide the 'Gyeonggi Province 3rd Disaster Basic Income.'

The 3rd Disaster Basic Income is to be paid in local currency at 250,000 KRW per person to residents in the top 12% income bracket excluded from the government's 5th disaster relief fund.

Choi Won-yong, Director of the Planning and Coordination Office of the province, explained the payment of disaster relief funds to all residents as "a measure to complement and expand government policy, considering the justification for universal payment and the economic effects such as consumption promotion."

Earlier, Governor Lee Jae-myung of Gyeonggi Province officially announced the plan to provide disaster relief funds to all residents on the 13th.

Additionally, the province allocated 175.2 billion KRW for projects related to revitalizing the local economy, creating jobs, and strengthening regional economic capabilities to overcome the COVID-19 crisis.

This includes 61.1 billion KRW to support the expanded issuance of local currency, 37 billion KRW to support small and medium-sized enterprises and small business owners including the bus industry, and 56.9 billion KRW for job-related project expenses.

The province will also invest 99.2 billion KRW to strengthen road and river infrastructure. Specifically, 86.4 billion KRW for road construction including national and local roads, and 6.6 billion KRW for local river maintenance projects to prevent disasters and accidents.

In particular, 52% (44.7 billion KRW) of the road construction budget was allocated to the northeastern region of Gyeonggi, where road conditions are relatively underdeveloped. This supplementary budget plan will be reviewed at the 354th extraordinary session of the Provincial Council, held from the 31st of this month to the 15th of next month.

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