Ruling and Opposition Agree on Supplementary Budget... Kwon Seong-dong "Relieved by Compensation Payment" Park Hong-geun "Magnanimous Decision" (Update)

Retroactive Application and Income Reversal Issues to Be Discussed Later

Speaker of the National Assembly Park Byeong-seok, Democratic Party Floor Leader Park Hong-geun, People Power Party Floor Leader Kwon Seong-dong, and Deputy Prime Minister for Economy Choo Kyung-ho are taking a commemorative photo at a meeting related to the supplementary budget bill held in the Speaker's office on the 29th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Hyunju Lee] On the 29th, the ruling and opposition parties agreed to pass a supplementary budget bill to compensate small business owners and self-employed individuals who suffered losses due to COVID-19. This move is interpreted as being influenced by public opinion just three days before the June 1 local elections. The plenary session to process the supplementary budget bill is scheduled to be held at 7:30 PM on the same day.

On the morning of the 29th, Kwon Seong-dong, floor leader of the People Power Party, and Park Hong-geun, floor leader of the Democratic Party of Korea, held a meeting in the Speaker's office at the National Assembly main building, presided over by Speaker Park Byeong-seok, and then held separate press conferences to announce this.

Floor leader Kwon said at the meeting, "The ruling and opposition parties have amicably agreed to process the supplementary budget bill," adding, "I am very pleased and relieved that we can provide loss support and compensation payments to small business owners and self-employed individuals affected by COVID-19."

Floor leader Park said, "The Democratic Party made a magnanimous decision to process the supplementary budget today with an urgent desire to overcome the difficult livelihood situation as soon as possible and to give hope to all citizens, including small business owners and the self-employed."

The ruling and opposition parties agreed to continue discussions later regarding the contentious issues of retroactive application of loss compensation and income reversal.

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