Party and Government "3 Million Won for Job-Seeking Youth · 50% Increase in Energy Vouchers for Low-Income Groups"

Next Year's Budget Proposal Party-Government Council Meeting
"Request to Reflect Within Fiscal Allowance Limits"

[Image source=Yonhap News]

[Asia Economy Reporters Hyunju Lee and Boryeong Geum] The ruling party and the government have decided to include in next year's budget a plan to introduce a Leap Preparation Fund that provides 3 million won to job-seeking youth and to increase energy vouchers for low-income households by 50%. They also plan to expand disability employment incentives and agricultural direct payments.

On the 24th, the ruling party and government held a budget consultation meeting at the National Assembly regarding next year's budget proposal and reached consensus on these matters.

Seong Il-jong, Policy Committee Chairman of the People Power Party, said at a briefing immediately after the meeting, "We requested that government budgets be reflected as much as possible within the limits allowed by the fiscal capacity for socially vulnerable groups in urgent need of budget support, future generations, and price stabilization," adding, "The government actively agreed and responded that it would reflect these in the budget."

The ruling party ordered the preparation of support measures for socially vulnerable groups to stabilize livelihoods while maintaining fiscal soundness through large-scale expenditure restructuring. Accordingly, besides providing the Leap Preparation Fund for job-seeking youth and increasing energy vouchers for low-income households, they decided to raise disability employment incentives and establish a new budget to provide transportation expenses for low-income disabled persons.

Kwon Seong-dong, Floor Leader of the People Power Party, said in his opening remarks that "The five years under the Moon Jae-in administration were, in a word, reckless fiscal management," pointing out that "national debt increased by 400 trillion won in five years, surpassing 1,000 trillion won." He emphasized, "We will prepare measures to maintain fiscal soundness while taking care of people's livelihoods." He added, "The budget should provide fair opportunities for youth and support vulnerable groups. Since high inflation is expected to continue for some time, the related budget must be significantly expanded so that disabled persons and low-income groups are not pushed to the brink."

Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, said about the Yoon Seok-yeol administration's first budget proposal, "The fiscal policy stance is shifting from expansion to sound fiscal management to secure fiscal sustainability and firmly support our economy," adding, "Next year's total budget expenditure will be significantly lower than this year’s, and fiscal rules will be promptly established and strictly managed throughout the new administration’s term."

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