Democratic Party Pushes Selective Disaster Relief Funds for Vulnerable Groups

Lee Nak-yeon "Self-employed, Small Business Owners, and Workers' Suffering Grows... Reflected in the Main Budget"

Lee Nak-yeon, leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 25th via video conference and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] The Democratic Party of Korea has decided to include disaster relief funds in next year's budget. However, the funds will not be distributed universally to all citizens but will be targeted mainly at vulnerable groups.

On the 25th, Democratic Party leader Lee Nak-yeon expressed at the Supreme Council meeting, "Due to the escalation of social distancing measures amid the spread of COVID-19, the suffering of self-employed individuals, small business owners, and workers is increasing. According to the Bank of Korea, household debt surged again in the third quarter," adding, "In such circumstances, with strengthened quarantine measures, livelihoods will become more difficult and jobs more unstable."

He continued, "We must provide special support to those experiencing greater hardship. There is consensus on the need for disaster damage assistance," and said, "I hope our party takes the lead in addressing this issue. Since the Budget and Accounts Committee is currently reviewing next year's budget, I urge the government to work with us to find ways to reflect disaster damage support measures for vulnerable groups in the budget and to consult with the opposition party as well."

Regarding this, Choi In-ho, the Democratic Party's chief spokesperson, told Asia Economy in a phone interview, "It is appropriate to characterize this as disaster relief funds," explaining, "Just like when the second round of disaster relief funds was provided, the plan is to establish measures for those who are suffering greatly."

The second round of disaster relief funds amounted to about 7 trillion won and was selectively provided mainly to employment-vulnerable groups, small business owners, self-employed individuals, and low-income households.

Kim Tae-nyeon, the Democratic Party floor leader, said at the meeting, "Once again, fiscal policy must play an active role," and added, "We will consider urgent support for industries severely affected and tailored support for households in crisis."

He further stated, "We cannot accept the opposition party's demand to cut the Korean New Deal budget instead of allocating an emergency support budget," dismissing it by saying, "The People's Power Party's claim is no different from cutting open the belly of a goose that lays golden eggs for our country's future."