Ruling Party's Livelihood Special Committee Proposes Raising Small Livelihood Loan Limits to Government

"First On-Site Dispatch, Delivering Policy Committee Measures Against Jeonse Fraud for Family Month in May"

The People Power Party's Minsheng 119 Special Committee has decided to propose to the government a plan to increase the loan limit for small living expense loans targeted at vulnerable groups and to lower the interest rates.

On the morning of the 24th, after concluding the first plenary meeting, Minsheng 119 Chairperson Jo Su-jin told reporters, "Since there were relatively no National Assembly schedules over the past week, we held intensive meetings through social networking services (SNS), and today we discussed dense livelihood policies based on that."

The small living expense loan program provides an immediate disbursement of up to 1 million won on the day of application to vulnerable groups who find it difficult to even use private loan services and are easily exposed to illegal private loans. Currently, the loan interest rate is 15.9% per annum, and if borrowers complete financial education and repay diligently, the rate can be reduced to 9.4% per annum. The special committee discussed expanding the loan limit and lowering the interest rate on this day.

So Joo-jin, Supreme Council Member of the People Power Party, is speaking at the Supreme Council meeting held at the National Assembly in Yeouido, Seoul on the 6th. Photo by Hyunmin Kim kimhyun81@

Starting next month, Minsheng 119 plans to actively visit livelihood sites to hear voices from the field. In her opening remarks before the meeting, Chairperson Jo stated, "We plan to conduct live field dispatches reflecting the real, living livelihood," adding, "Field visits will preferably be conducted together with Party Leader Kim Ki-hyun and others, and relevant government ministries as well as metropolitan and local governments will participate to activate party-government consultations."

Chairperson Jo continued, "The opinions heard on-site will be transferred to the party's policy committee for review and will be developed into substantial policies," and "We will develop the valuable voices heard on-site into actual policies of the Yoon Suk-yeol administration."

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