Democratic Party Builds Case for 'Minsheng Support Fund'... "It Will Help the Local Economy"

Meeting with Small Business Association Leaders on Legislation
Shin Jeong-hoon: "Small Business Owners Are a Strong Pillar of Our Economy"
Lee Hae-sik: "Special Act for Livelihood Recovery Must Be Passed"

The Democratic Party of Korea invited presidents of small business organizations to discuss the party's top legislative agenda, the 'Special Measures for Livelihood Recovery Act (Livelihood Recovery Act).' The Livelihood Recovery Act includes provisions to provide support payments of 250,000 to 350,000 KRW per person to all citizens. Since former Democratic Party leader Lee Jae-myung pledged 'universal support payments' as an election promise during the general election campaign, the Democratic Party is making every effort to pass the bill.

On the afternoon of the 25th, the Democratic Party listened to the voices of small business organization presidents at the 'Small Business and Self-Employed Legislative Meeting' held at the National Assembly Members' Office Building. Representative Shin Jeong-hoon attended the meeting and stated, "Small business owners are a strong pillar of our economy and key players who invigorate the local economy," adding, "Providing support payments of around 250,000 KRW to all citizens will help activate consumption and practically aid in revitalizing the local economy." Representative Shin serves as the chair of the National Assembly's Public Administration and Security Committee.

The Democratic Party of Korea is taking a commemorative photo at the 'Special Measures for Livelihood Recovery Act Legislative Meeting for Small Business Owners and Self-Employed' held at the National Assembly Members' Office Building on the 25th. / Photo by Oh Ji-eun

The Democratic Party introduced the Livelihood Recovery Act as a party-backed bill on the first day of the 22nd National Assembly session, June 30. The National Assembly's Public Administration and Security Committee plans to submit and pass the bill at its plenary meeting on July 2, one week later. All Democratic Party members of the Public Administration and Security Committee attended the meeting. Once the bill passes the committee, it will move to the Legislation and Judiciary Committee for systematic and legal review.

Most presidents of small business organizations supported the payment of support funds and urged the prompt implementation of the law. Bang Ki-hong, Standing President of the Korea Federation of Small and Medium Business Owners and Self-Employed, said, "I ask for the prompt implementation of the Livelihood Recovery Act, which will be like timely rain for self-employed people." Choo Gwi-sung, President of the Seoul Merchants Association, stated, "Consumption has not recovered due to the closed wallets of the people," and added, "We expect the enactment of the Livelihood Recovery Act to serve as a catalyst for economic recovery."

Democratic Party lawmakers also responded positively to the proposals from small business organization presidents. Min Byung-duk, Deputy Chair of the Democratic Party Policy Committee, said, "If support payments are given to all citizens, this will increase merchants' sales, and merchants will buy other goods, resulting in a multiplier effect of about six times," adding, "If money is invested as a catalyst, it will flow more abundantly, so we must invest even if it means borrowing." Lee Hae-sik, Chief Spokesperson, said, "(The Livelihood Recovery Act) is the party's top legislative agenda, so it must be passed even if it requires forceful approval," and added, "Efforts should be made in parallel to create reliable data with expert assistance."

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