Request to Review Fuel Tax Reduction...Electricity Rate Increase Inevitable

Kwon Seong-dong "Measures for Socially Vulnerable Groups Such as Raising the Basic Pension for the Elderly Must Be Prepared"

Kwon Seong-dong, floor leader of the People Power Party, is delivering opening remarks at the 3rd New Government Economic Policy Direction Party-Government Council held at the National Assembly on the 15th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporters Hyunju Lee and Hyunji Kwon] On the 15th, the ruling party, government, and the Presidential Office shared their commitment to bold regulatory reforms at the 'New Government Economic Policy Direction' meeting and additionally discussed measures such as further reductions in fuel tax, increases in elderly pensions, and tax support including corporate tax cuts.

Kwon Seong-dong, the floor leader of the People Power Party, told reporters after the meeting, "We conveyed that a fuel tax cut that the public can feel, a final reduction, is necessary, and the government plans to review the overall tax revenue comprehensively and make a decision accordingly."

Regarding the issue of electricity rate hikes, he said, "The Moon Jae-in administration suppressed it, and the government announced that an electricity rate increase is inevitable toward the end of its term," adding, "While it is possible to suppress that part for price stability, doing so distorts market functions." He continued, "The government will make an appropriate judgment, and an electricity rate hike is an unavoidable situation."

On the sunset clause of the Safe Freight Rate System, he stated, "There is a difference between the government's position and the announcement by the Cargo Solidarity," and added, "We will identify the reasons for this difference and decide whether to extend the sunset clause after further internal party discussions."

Regarding the elderly basic pension system, he said, "I cannot disclose the discussion results, but today we will request additional supplementation of the government's position," and responded, "The government has not taken any immediate action, but will make a quick decision and announcement on this matter."

Floor leader Kwon said, "The more the economy faces a crisis, the more socially vulnerable groups and the disadvantaged are inevitably pushed into greater crises," and added, "For example, we asked the government to prepare measures such as increasing the basic pension to alleviate elderly poverty, expanding the living adjustment allowance paid to low-income national veterans, and raising child-rearing support for single-parent families."

Meanwhile, on the same day, the ruling party, government, and the Presidential Office reviewed expanding tax support including corporate tax cuts and rationalizing penalties under economic laws.

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