Choi Sang-mok "Democratic Party's 250,000 Won Livelihood Recovery Support Fund Legislation Has Potential Unconstitutionality"

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok stated regarding the Democratic Party of Korea mentioning 'dispositive laws' to provide the Livelihood Recovery Support Fund, "I understand that there are many opinions that it has a high risk of being unconstitutional."

Deputy Prime Minister Choi made this remark during a meeting with reporters at semiconductor equipment company HPSP on the 10th, marking the second anniversary of the Yoon Suk-yeol administration, saying, "The Constitution clearly states that the budget formulation authority lies with the executive branch."

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok held a meeting with accompanying reporters after visiting the semiconductor company HPSP located in Hwaseong-si, Gyeonggi-do on the 10th, marking the 2nd anniversary of the government's launch.

The Democratic Party of Korea, after the government expressed a negative stance on their general election pledge to provide 250,000 won Livelihood Recovery Support Fund to all citizens, announced plans to push it forward in the form of 'dispositive laws' and others.

Dispositive laws are enforceable without going through executive or judicial procedures. Deputy Prime Minister Choi repeatedly emphasized the government's negative stance on legislation by the National Assembly mandating the payment of the livelihood support fund.

Choi said, "Before debating whether it is legally right or wrong, from the government's perspective, what truly benefits our people's livelihood is important," adding, "In the budget formulation process this year, and during the recent presidential livelihood discussion forum, we listened to the voices of the people, and we will try to incorporate them as much as possible in executing this year's budget, preparing next year's budget, and proposing tax law amendments."

Regarding the easing of inheritance tax for companies, he said, "We are reviewing various measures to ensure that business succession is not burdensome for value-up companies," and added, "We will hold sessions to hear opinions from various sectors and gather feedback on the government's multiple alternatives." This means that, as part of the 'Value-up' program to enhance corporate value, in addition to corporate tax credits and separate taxation on dividend income, inheritance tax relief measures are also being considered.

On international cooperation in supply chains, he said, "The organizational structure consultation for the supply chain planning team was recently completed," and added, "A fund related to supply chains has been established, and centered on the Ministry of Economy and Finance, we will systematize and respond to each ministry's efforts to diversify and stabilize supply chains."

Regarding measures to stabilize perceived inflation, he said, "We will proactively respond in advance with related ministries concerning essential daily necessities that the public considers important," and added, "For seasonal factors such as abnormal climate, we will inform the public in advance so that they can make rational consumption decisions."

Regarding the recently announced establishment of the Low Birthrate Response Planning Department by President Yoon, he said, "An important aspect of the Yoon Suk-yeol administration's policy execution is removing silos between ministries," and added, "We will cooperate when preparing the government organization law amendment bill."

Reflecting on the second anniversary of the Yoon Suk-yeol administration, Deputy Prime Minister Choi said, "We are overcoming complex crisis situations together with our people," and evaluated, "In recent years, household debt and real estate project financing (PF) have surged, but so far they have been managed stably." He continued, "The remaining challenge is how to create a recovery that the public can feel," and said, "To enhance sustainability, we are preparing a Dynamic Economy Roadmap and will present it within the first half of the year."

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