4.7 Trillion Increase in Preliminary Review by National Assembly Standing Committee... Controversy Over 'Retroactive Application' of Loss Compensation

與 "No National Bond Issuance, Expenditure Restructuring"
Opposition "Small Business Loss Compensation Should Be Applied Retroactively"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The second supplementary budget (supplementary budget) was increased by 4.765053 trillion won in the preliminary review by the National Assembly standing committee. In future subcommittee reviews, retroactive application of loss compensation for small business owners and the issuance of government bonds are expected to be key issues.

The National Assembly Special Committee on Budget and Accounts will hold a budget adjustment subcommittee meeting on the 23rd to review the increase and decrease amounts. Afterwards, the full Budget Committee meeting is scheduled to be held around the 26th to 27th to approve the second supplementary budget.

The Health and Welfare Committee increased the budget the most by 2.061088 trillion won, followed by the Culture, Sports and Tourism Committee (987.468 billion won), the Agriculture, Forestry, Livestock, Food and Maritime Affairs Committee (679.822 billion won), the Education Committee (464.5 billion won), the Political Affairs Committee (300 billion won), the Land, Infrastructure and Transport Committee (267.5 billion won), and the Public Administration and Security Committee (5.67 billion won), all of which saw budget increases in the preliminary review by standing committees.

However, the Steering Committee cut a total of 995 million won considering personnel reductions in the Presidential Secretariat and the National Security Office.

The Legislation and Judiciary Committee, Science, Technology, Information and Broadcasting Committee, Foreign Affairs and Unification Committee, Environment and Labor Committee, and Gender Equality and Family Committee were confirmed to have approved the government’s original plan as is.

In future budget subcommittee reviews, retroactive application of loss compensation and expenditure restructuring are expected to be key issues. The Democratic Party argues that raising the compensation rate for small business owners from the existing 90% to 100% is insufficient and that retroactive application is necessary. They also point out significant cuts in welfare and defense budgets.

On the other hand, the People Power Party criticizes excessive government bond issuance during the Moon Jae-in administration and maintains the stance of not issuing government bonds in this supplementary budget.

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