[Asia Economy Reporter Lee Ji-eun] Yoo Seung-min, a former member of the People Power Party and a leading opposition presidential candidate, raised his voice regarding the discussion on the third disaster relief fund, saying, "Let's provide tiered support to all households in the bottom 50% income bracket." The scale of the disaster relief fund he proposed amounts to 7 trillion won, which is double the amount claimed by the opposition party.
On the 27th, Yoo said through Facebook, "I strongly agree that national finances should be used to help citizens who are suffering severe difficulties due to the COVID-19 crisis."
He added, "However, how to do it and how to secure the funds are important. Let's provide support to all households in the bottom 50% income bracket, but in a tiered (sliding) manner: 1.5 million won to the bottom 20% households, 1 million won to the 20-40% households, and 500,000 won to the 40-50% households (based on a family of four)."
Yoo explained the reason for the tiered approach, saying, "The reason for proposing a tiered system is to help those who are more in need. This is the way to uphold the philosophy and principles of social welfare and to maintain the values of fairness and justice."
Currently, the opposition party has proposed providing a third disaster relief fund worth 3.6 trillion won. In response, Yoo said, "If 3.6 trillion won is only supported to specific industries, the blind spots of support will be too large. The method I proposed requires a budget of about 7 trillion won, which is twice 3.6 trillion won, but the effect of practically and comprehensively helping those in need will be much greater." He emphasized that the funds should be secured not by increasing the government budget but by boldly cutting exhibition-type budgets such as the Korean New Deal.
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