Ruling Party "Nationwide Quarantine Support Fund Before Presidential Election" vs Opposition "Compensation for Losses Upon New Government Inauguration"

Conflict Arises Over Payment Method and Timing of Pandemic Relief Funds

[Asia Economy Reporters Oh Ju-yeon and Lee Hyun-joo] The ruling and opposition parties are sharply divided over the method and timing of large-scale cash payments to support those affected by COVID-19. The ruling party proposes changing the name of the “nationwide disaster relief fund” promised by Lee Jae-myung, the Democratic Party presidential candidate, to the “nationwide With-Corona quarantine support fund” and swiftly implementing it before the presidential election in March next year. On the other hand, the opposition party has taken a confrontational stance by presenting a loss compensation plan for self-employed and small business owners after the government’s inauguration.

[Image source=Yonhap News]

Yoon Ho-jung, the floor leader of the Democratic Party, announced at the morning floor strategy meeting on the 9th, "We will push for the payment of the nationwide With-Corona quarantine support fund."

He explained that this fund would be provided as financial support for purchasing personal protective equipment and restoring daily life in accordance with the government’s phased first stage of returning to normal life. Although only the name has changed, the nature remains the same, meaning returning excess tax revenue to the entire population. Yoon said, "It will be reflected in next year’s budget, and once the fiscal year starts in January, support will be provided as soon as possible." He added, "The required funds can be covered by deferring payment of this year’s excess tax revenue to increase next year’s revenue."

Shin Hyun-young, the party spokesperson, told reporters after the meeting, "In this budget, we will review the budget so that it can be paid in January next year, including substantial and broad financial support for self-employed and small business owners, as well as various costs needed by the entire population in response to With-Corona quarantine." She continued, "This is part of the consideration on how to return the excess tax revenue to the people during the budget agreement process." She explained, "Since Candidate Lee mentioned the nationwide disaster relief fund, we respected that and discussed within the party what form of support fund would be most appropriate."

[Image source=Yonhap News]

However, the opposition party insists that the payment should be in the form of ‘loss compensation’ after the ‘government’s inauguration next year,’ not ‘before the presidential election’ and not ‘nationwide.’

Kim Ki-hyun, the floor leader of the People Power Party, said on MBC radio, "The new government may reorganize the supplementary budget after its inauguration." Kim explained, "Loss compensation for self-employed and small business owners should be prioritized," adding, "This is based on the principle that support should be provided to sufficiently compensate for losses where damage has actually occurred."

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