Democratic Party Compresses 7 Key Legislative Tasks for Regular Session... Promotes 'Basic Pension, Yellow Envelope, Grain Management'

Kim Seong-hwan, Chairman of the Policy Committee of the Democratic Party of Korea, is attending the party floor strategy meeting held at the National Assembly on the 13th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Naju-seok] The Democratic Party of Korea has outlined seven major legislative tasks, including the expansion of the Basic Pension and the Yellow Envelope Act. These were selected by condensing the 22 tasks chosen ahead of the regular National Assembly session into key priorities.

On the 20th, Kim Seong-hwan, chairman of the Democratic Party's Policy Committee, stated at a press briefing, "Among the 22 legislative tasks for people's livelihood in the regular National Assembly, we have decided to focus more intensively on seven bills," adding, "The floor leadership and the Policy Committee jointly selected these."

The seven bills are ▲ Basic Pension Expansion Act ▲ Yellow Envelope Act ▲ Grain Management Act ▲ Expansion of Childbirth and Childcare Allowance Act ▲ Interest Rate Usury Prevention Act ▲ Delivery Price Linkage System ▲ National Responsibility for the Disabled Act.

Regarding the Basic Pension Expansion Act, he said, "During the last presidential election, there were proposals to raise the pension for the bottom 70% income elderly from 300,000 won to 400,000 won and to expand the payment target to 100%, both of which have been legislated separately. The Policy Committee is conducting a separate simulation on how to integrate these." Chairman Kim added, "As you know, the total amount of tax cuts from the ultra-rich tax reduction over five years amounts to about 60 trillion won, and the financial demand for expanding the basic pension is also considerable. We are reviewing how to design it appropriately and effectively. There is a special committee for pension reform at the National Assembly level, which has not yet been active, and we are considering ways to link with it." Furthermore, he said, "The expansion of child allowances is also a very important issue linked to population and low birthrate measures, and we are reviewing to what extent infant and child allowances should be expanded."

Regarding the Yellow Envelope Act, which limits companies' lawsuits for damages against striking workers, he expressed the intention to promote it while removing constitutional issues. Chairman Kim said, "There is a sharp division of opinion on the Yellow Envelope Act," and explained, "There are constitutional issues with this law, so considering the actual legislative intent, we plan to amend the law and legislate it."

In addition, he expressed the intention to promote the Grain Management Act, which mandates market isolation.

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