Party-Government Next Year Budget, 604.7 Trillion + a.. 20 Trillion Investment in Youth Jobs and Housing

Yoon Ho-jung, the floor leader of the Democratic Party of Korea, and Hong Nam-ki, the Deputy Prime Minister for Economy, are attending the party-government meeting on the 2022 budget formulation and Chuseok livelihood measures held at the National Assembly on the 24th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Koo Chae-eun] The Democratic Party of Korea and the government have decided to draft next year’s budget at a scale larger than this year’s 604.7 trillion won to overcome the COVID-19 crisis.

On the 24th, Yoon Ho-jung, the floor leader of the Democratic Party, said in his opening remarks at the 2022 budget drafting and Chuseok livelihood measures party-government meeting held at the National Assembly, "Including the supplementary budget, this year’s budget is 604.7 trillion won, but a crisis recovery budget larger than this is necessary," adding, "As fiscal conditions are expected to improve due to tax revenue recovery from economic recovery, the government should lead an inclusive economic recovery."

Next year’s budget focuses on addressing youth employment and housing issues by investing more than 20 trillion won in comprehensive youth measures. Specifically, interest-free monthly rent loans will be provided to young people with an annual income of 50 million won or less. A youth hiring fund will also be established for small and medium-sized enterprises and mid-sized companies that provide jobs for young people. For military personnel, salaries will be raised from 609,000 won to 670,000 won or more based on the rank of sergeant.

In addition, the party and government will focus on drafting next year’s budget with emphasis on ▲ quarantine and vaccines ▲ compensation for losses ▲ building a carbon-neutral foundation ▲ proactive response to polarization ▲ honoring national merit recipients and supporting vulnerable groups ▲ and regional balanced development.

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