National Assembly Budget and Accounts Special Committee Approves 4th Supplementary Budget Bill Worth 7.8 Trillion Won

Park Hong-geun, the Democratic Party of Korea's Budget and Accounts Committee secretary, and Choo Kyung-ho, the People Power Party's National Assembly Budget and Accounts Committee secretary, are attending the 4th supplementary budget adjustment subcommittee held at the National Assembly on the 21st, exchanging fist bumps. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kang Nahum] The National Assembly's Special Committee on Budget and Accounts finalized the 4th supplementary budget bill worth 7.8 trillion won on the 22nd and forwarded it to the plenary session.

The Budget Committee held a full meeting that day and approved the 4th supplementary budget bill with the aforementioned details.

Earlier, the Budget Committee's adjustment subcommittee increased the budget by 588.1 billion won for each project based on bipartisan agreement and cut 617.7 billion won. The total scale was reduced by 29.6 billion won compared to the government's proposal.

The revised bill reduced the target of the "telecommunication fee support for all citizens aged 13 and above" project to "ages 16 to 34 and 65 and above," while expanding the special childcare allowance payment target to middle school students (150,000 won per person). In addition, the free influenza vaccine target was expanded to 1.05 million vulnerable groups, including recipients of disability pensions and allowances.

By sector, in the general and local administration fields, the nationwide telecommunication fee support was changed to selective support, resulting in a net reduction of 560.2 billion won. In the health, welfare, and employment fields, due to the expansion of the free influenza vaccine target and other factors, there was a net increase of 519.4 billion won.

The supplementary budget bill passed by the Budget Committee is scheduled to be processed at the plenary session at 10 p.m. that day.