Yoon: "Efforts to Control Living Costs for Middle and Working Classes... Expecting Bipartisan Response from National Assembly" (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] President Yoon Seok-yeol mentioned on the 20th regarding global economic recession concerns, "The target of government policy is to do our best to manage the livelihood and prices for the middle class and ordinary citizens."

President Yoon made these remarks to reporters asking about the U.S. Federal Reserve's (Fed) interest rate hikes and economic recession measures as he arrived at the Yongsan Presidential Office building in the morning.

He also stated, "Well, this is a problem arising fundamentally because a lot of money has been released and globally high interest rate policies are being used to curb high inflation, so there is no fundamental way to deal with it," emphasizing the importance of responding to changes in the international economic situation.

Regarding the criticism that additional measures would require legislative amendments since all other measures except for lowering fuel tax at the Emergency Economic Ministers' Meeting have been exhausted, he responded directly, "Then we have to submit a bill," adding, "The National Assembly has not yet been fully organized, so if it were operating normally, we would have submitted the bill."

He continued, "Since people are struggling to breathe right now, I believe the National Assembly will respond in a bipartisan manner to policies requiring legislative amendments."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho held an Emergency Economic Ministers' Meeting at the Government Seoul Office the previous day and announced the 'Immediate Livelihood Price Stabilization Measures.'

This time, to respond to high oil prices, the government will expand the fuel tax reduction rate from the current 30% to the legally possible maximum of 37% from July until the end of the year. Electricity and gas rates will have minimal increases, and public utility fees such as railroads, postal services, and water supply and sewage will continue to be frozen.

Additionally, the credit card income deduction rate for public transportation usage such as subways, city and intercity buses, and trains in the second half of the year will be doubled from the existing 40% to 80%.

However, there are concerns that the effect may quickly disappear as international oil prices are soaring close to $120 per barrel, and domestic gasoline and diesel prices are expected to continue rising for the time being despite the fuel tax reduction.

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