DPK to Pass 16.9 Trillion Won Extra Budget at 7 PM Plenary Session... Additional 3.3 Trillion Won Increase

[Asia Economy, Reporter Oh Jooyeon] Negotiations between the ruling and opposition parties over the National Assembly's supplementary budget (extra budget) proposal broke down on February 21. The Democratic Party of Korea plans to convene a plenary session at 7:00 p.m. that evening and unilaterally pass the supplementary budget bill totaling 16.9 trillion won.

Floor leaders and deputy floor leaders from both parties continued discussions on the supplementary budget bill in the office of National Assembly Speaker Park Byeongseok in the afternoon, but they failed to reach an agreement.

Yun Hojoong, floor leader of the Democratic Party, told reporters after the meeting, "No agreement was reached between the ruling and opposition parties," adding, "Nevertheless, our party has made it clear that the supplementary budget bill must be processed today." He continued, "If the supplementary budget bill passed by the Special Committee on Budget and Accounts is submitted to the plenary session, the Democratic Party will submit a revised bill," and added, "Speaker Park said he would convene the plenary session at 7:00 p.m. today."

The revised supplementary budget bill, which the Democratic Party plans to pass unilaterally, increases the government proposal by 3.3 trillion won, bringing the total to 16.9 trillion won from the original 14 trillion won.

Han Byungdo, deputy floor leader of the Democratic Party, explained, "The additional increase is 3.3 trillion won, bringing the total to 16.9 trillion won."

According to the revised bill, the quarantine support fund, originally intended for 3.2 million small business owners and self-employed people whose sales declined due to COVID-19, will be expanded to include an additional 100,000 simplified taxpayers, with each recipient receiving 3 million won. In addition, 700 billion won will be allocated to support vulnerable groups and those in blind spots. Emergency employment stabilization funds totaling 400 billion won will be provided to 680,000 special employment workers and freelancers. Support payments of 1 million won each will also be given to corporate taxi drivers and chartered and route bus drivers. Temporary care expenses will be provided to care support recipients and care workers, and the budget also includes temporary support for self-test kits for 6 million vulnerable people.

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