[Budget Proposal Address] Yoon Emphasizes 'Welfare for the Vulnerable'... Focused Support for Disabled and Single-Parent Families

Next Year's Budget Formulated with Sound Fiscal Policy Focused on Protecting Low-Income and Socially Vulnerable Groups... "Allocated for Public Safety"

President Yoon Suk-yeol is removing his mask before delivering the budget address for next year at the National Assembly plenary session on the 25th. The Democratic Party of Korea has defined the prosecution's investigation into Daejang-dong as political retaliation and boycotted President Yoon's budget address. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Baek Kyunghwan] President Yoon Seok-yeol reiterated support for socially vulnerable groups on the 25th. The new government’s budget plan is centered on preparing next year’s budget under a sound fiscal policy to protect low-income and socially vulnerable groups, support a dynamic economy led by the private sector, enhance public safety, and strengthen responsibilities as a global leader. President Yoon emphasized, "Protecting socially vulnerable groups who suffer greater hardships during economic difficulties is a fundamental duty of the state."

In his 2023 budget address at the National Assembly that morning, President Yoon presented specific support measures for 'welfare for the vulnerable.' First, he explained that the standard median income was adjusted by the largest margin ever, reflecting KRW 18.7 trillion in basic living security support by raising the maximum livelihood benefit for a four-person household. He also mentioned plans to expand social insurance support to low-wage workers, special-type workers, and artists, adding support for 278,000 more people. Measures to improve working conditions, such as installing rest facilities, were also included for 7,000 small workplaces with fewer than 50 employees where working environments are poor.

He also emphasized tailored support for people with disabilities and single-parent families. President Yoon stated, "We will raise disability allowances for the first time in eight years, extend care hours for people with developmental disabilities to eight hours per day, and increase employment incentives for people with disabilities." He added, "We will expand support for call taxi use by people with severe disabilities and add 2,000 more low-floor buses to maximize mobility rights for people with disabilities." Additionally, the eligibility for child-rearing support for single-parent families will increase from the current 52% of median income to 60%.

Support measures for victims of last summer’s heavy rain damage were also brought up again. President Yoon said, "As revealed by this year’s heavy rain damage, many victims lived in semi-basement and small rooms," promising, "We will introduce interest-free loans for deposits to help these individuals move to safer housing environments and provide up to KRW 50 million in support if they relocate to private rental housing."

Support for victims of jeonse fraud, which President Yoon has repeatedly emphasized, was also mentioned. He said, "To provide swift protection, we have established an emergency loan support system with a maximum limit of KRW 160 million," adding, "For our youth, we will newly supply 54,000 units of 'Youth Cost-Price Housing' and 'First House Near Subway Stations,' introduce a Youth Leap Account to support their mid- to long-term asset formation, and expand the number of beneficiaries for the 'Youth Tomorrow Savings Account'."

Furthermore, he explained the budget to alleviate essential living expenses and grocery burdens for low-income citizens due to rising living costs. President Yoon stated, "We will expand energy voucher support and increase the scale of discount coupons for agricultural, livestock, and fishery products from KRW 59 billion this year to KRW 169 billion, nearly tripling it," promising, "We will expand stockpiles of key agricultural, livestock, and fishery products such as wheat and seafood to proactively respond to supply instability, and reduce farmers’ production costs by expanding public direct payments to small and medium-sized farms and supporting the purchase of fertilizers and feed."

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