Justice Party "COVID-19 Loss Compensation Should Be Retroactive for All Periods with Restriction Measures"

National Assembly Industry Committee Resumes Discussion on COVID-19 Loss Compensation Special Act
Ruling and Opposition Parties Disagree on Retroactive Application
Justice Party Holds 3rd Press Conference Criticizing Government and Ruling Party, Urges Decision on Retroactive Application

[Asia Economy Reporter Oh Ju-yeon] The Justice Party once again emphasized regarding the COVID-19 Loss Compensation Act that "compensation should be retroactively provided for losses incurred during all periods when not only administrative orders but also restriction measures were imposed." Criticizing the government and ruling party for attempting to pass the Loss Compensation Act in the June National Assembly without retroactive application, they said, "We cannot help but ask if they have any sense of shame."

[Image source=Yonhap News]

On the 16th, the National Assembly's Industry, Trade, Energy, Small and Medium Business Committee held a bill review subcommittee in the afternoon and resumed discussions on the special law for COVID-19 loss compensation. The key issue was whether to apply it retroactively. The government and the Democratic Party of Korea plan to support small business owners and self-employed individuals by including the phrase for retroactive application but providing tailored damage support payments instead. However, the People Power Party and the Justice Party maintain the principle that retroactive application must be explicitly stated in the bill.

Representative Yeo Young-guk held the "3rd Press Conference Urging the Enactment of the COVID-19 Loss Compensation Act" at the National Assembly main building in the afternoon and stated, "We urge the government and ruling party to immediately make a decision on loss compensation and retroactive application." Representative Yeo criticized, "If only the government and ruling party had agreed, compensation would have been made long ago, but they are shirking responsibility for passing the bill by talking about a 'legislative barricade.' We condemn the ambiguous attitude of the government and the Democratic Party toward the Loss Compensation Act."

Representative Yeo referred to Democratic Party leader Song Young-gil's remarks in the National Assembly negotiation group leaders' speech about supporting the Loss Compensation Act "broadly and deeply," and pointed out, "They must abandon the irresponsible attitude of glossing over and sweeping things under the rug." He added, "If lawful business operations were restricted and prohibited for public interest, compensation must be duly provided," and emphasized, "The Justice Party's firm principle is to support all industries affected by COVID-19 for the damages incurred and to provide 'broad' support to all citizens whose economic activities have been curtailed."

Assemblyman Bae Jin-kyo also pointed out that "among self-employed individuals, as many as 1.26 million are multiple debtors who borrowed money from three or more financial institutions," adding, "Their total debt exceeds 500 trillion won. It is a case of borrowing to repay debt." He criticized the ruling party, saying, "Time is precious, but the retroactive application of loss compensation has been dragged on indecisively for months, and the end result is ultimately the three words 'it cannot be done.'"

Assemblywoman Shim Sang-jung questioned, "According to the government and ruling party, tax revenue has increased by 19 trillion won, and finances are ample. They say they will support more citizens faster not only with loss compensation but also with damage support, so why is 'retroactive application' the only thing they refuse?"

She further pointed out, "The government and ruling party want to use taxpayers' money as consolation money depending on political gains and losses," emphasizing, "If losses occurred due to the state restricting citizens' fundamental rights, it is only right to 'compensate' for them, not to 'support' as if bestowing a favor."