"Year-End Bonus 1000% Celebration"... Yong Hye-in Calls for 'Windfall Tax' Again in the New Year

[Asia Economy Reporter Lee Ji-eun] On the 2nd, Yong Hye-in, a member of the Basic Income Party who spearheaded the so-called 'Korean Windfall Tax Act' last year, raised her voice pointing out the 'performance bonus feast' of oil companies and emphasized the need to introduce a windfall tax.

Yong said, "In a situation where polarization is worsening, executives and employees of oil companies are receiving year-end bonuses nearly two to three times the annual salary of workers earning minimum wage."

Yong Hye-in, a member of the Basic Income Party, is holding a press conference on the promotion of the Lee Jae-yong Prevention Act at the National Assembly Communication Office on the 7th. Photo by Yoon Dong-joo doso7@

Last September, Yong proposed the so-called 'Korean Windfall Tax Act,' which imposes a 50% tax on excess profits for four domestic oil companies and 16 banks. He pointed out, "With the rise in oil and gas prices, additional increases in household electricity and gas bills are expected this year. In a situation where most industries and economic agents are suffering, a 'performance bonus feast' exclusive to them cannot be a heartwarming story."

He added, "Assuming the windfall tax was introduced through the corporate tax law amendment bill I spearheaded, a windfall tax at an effective rate of about 30% would have been imposed on the significantly increased profits of oil companies and banks, i.e., the 'excess profits' under tax law. Oil companies would have lowered the level of bonuses to executives and employees compared to now, considering this special corporate tax burden."

He further stated, "I hope that 2023 will be a year when the injustice and inefficiency of a few enjoying windfalls while the majority suffer and are marginalized will be corrected," and called on the ruling Democratic Party of Korea to conduct progressive discussions.

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