Kim Ki-hyun Revisits Emergency Budget Bill: Promises "50 Trillion Won + α" if Yoon Seok-yeol Wins

Proposal of 'Emergency Supplementary Budget for Livelihood Support' for Self-Employed and Small Business Owners
100% Retroactive Application of Loss Compensation and Increase in Loss Compensation Rate
Democratic Party's Sole Passage of Supplementary Budget "Planned Like a Military Operation"

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Hyun-ji] The People Power Party (PPP) agreed to pass the supplementary budget bill (추경) at the plenary session on the 21st and re-proposed the ‘Minsheng Supplementary Budget Bill’ to support self-employed and small business owners affected by COVID-19. They also emphasized that even if the Minsheng Supplementary Budget Bill fails to pass, PPP presidential candidate Yoon Seok-yeol promises immediate support amounting to ‘50 trillion won + α’ upon his election.

Kim Ki-hyun, the PPP floor leader, held an emergency press conference on the same day and stated, “We demand the government and ruling party to pass a definite Minsheng Supplementary Budget Bill that provides broad and substantial support for COVID-19 damages.” The Minsheng Supplementary Budget Bill proposed by the PPP includes six major points: 100% retroactive application of COVID-19 loss compensation, raising the current 80% loss compensation rate to 100% and increasing the minimum compensation amount from 500,000 won to 1 million won, providing 1 million won employment stability support for special types of workers and freelancers, loss compensation support for culture, arts, sports, and tourism industries, 3 million won support for corporate taxi, charter bus, and route bus drivers, and a 50% reduction in electricity bills for small business owners.

Kim said, “What the people want now is not piecemeal, election-driven token support but proper assistance that thoroughly identifies and compensates even the blind spots of COVID-19.” He added, “We are in the position that the supplementary budget should be passed on the condition that such contents are added to the government’s supplementary budget bill to provide prompt support to small business owners and the self-employed.”

He also emphasized that even if the PPP’s demands are not reflected, the promise of ‘50 trillion won + α’ support will be kept if candidate Yoon is elected. He said, “If Yoon Seok-yeol is elected, he will fully utilize the budgetary authority to keep the original promise of 50 trillion won in support for small business owners and the self-employed.”

He strongly criticized the Democratic Party’s unilateral passage of the supplementary budget bill on the 19th. Kim revealed some materials from the Budget and Accounts Committee meeting at the time, which included notes such as ‘Wait in the members’ office building until 10 o’clock,’ ‘Absolutely secret about entering the National Assembly,’ and ‘Do not tell staff or reporters,’ saying, “The Democratic Party revived the ghost of a rushed vote ignoring parliamentary procedures, suddenly convened the Budget and Accounts Committee, and showed a show of rushing the vote at dawn.” He criticized, “They issued orders like a military operation,” and “They completely blocked opposition participation and forcibly passed the budget bill with a very deliberate intention, deceiving the public.”

He continued, “There is not even a speck of sincerity toward the people’s livelihood in the words and actions of the Democratic Party and candidate Lee Jae-myung,” and urged, “We once again call on them to immediately stop vote-buying using people’s livelihood as a hostage and cooperate in passing a genuine Minsheng Supplementary Budget Bill.”

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