Euljiro Wi Submits Government Resolution Urging 100 Trillion Won Supplementary Budget

Jinseongjun, a member of the Democratic Party of Korea, is holding a press conference on the 24th at the National Assembly Communication Hall, urging legislation to prevent private privileges in public land and strengthen the recovery of development gains. Photo by Yoon Dongju doso7@

[Asia Economy Reporter Koo Chae-eun] The Democratic Party's Euljiro Committee announced on the 3rd that it will submit a government resolution urging the formulation of an additional supplementary budget of 100 trillion won for COVID-19 loss compensation and support.

Jin Seong-jun, chairman of the Euljiro Committee, and others held a press conference at the National Assembly on the same day, stating that 83 lawmakers will jointly propose this resolution, and said, "We propose that the ruling and opposition parties pass it through bipartisan agreement to fulfill political responsibility for the suffering of the people caused by the resurgence of COVID-19."

In the resolution, the Euljiro Committee demanded the immediate formulation and submission to the National Assembly of a supplementary budget worth 100 trillion won to fully compensate business losses, introduce a loan system for fixed cost repayment reduction, purchase non-performing loans, support vulnerable groups such as special employment workers, and issue consumption coupons exclusively for small business owners. They also demanded 'pre-support,' where the government provides compensation and support simultaneously with quarantine measures, and the resolution of 'blind spots' by supporting business losses due to personnel restrictions and operational damages caused by social distancing.

Additionally, they proposed the introduction of a Korean-style Paycheck Protection Program (PPP) system that reduces fixed cost repayments such as rent and labor costs.

The Euljiro Committee stated, "It is desirable and fortunate that the government decided to support 5 million won of the first quarter loss compensation amount through a 'prepayment followed by settlement' method, but it is insufficient for small business owners and self-employed people who have already reached their limits," and insisted, "Prompt and full compensation must be implemented immediately."

They added, "What is truly regrettable is the ambiguous stance of the People Power Party and candidate Yoon Seok-youl regarding the timing of the supplementary budget formulation," and said, "The situation of small business owners and self-employed people is literally agonizing day by day, so we do not understand how they can talk about after the presidential election and only say that the government should be the first to present the supplementary budget proposal."

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