Ruling and Opposition Parties Agree to Provide Disaster Relief Fund of 250,000 Won Per Person to 88% (Summary)

[Asia Economy Reporter Jeon Jinyoung] On the afternoon of the 23rd, the ruling and opposition parties agreed to pass the second supplementary budget (supplementary budget) for supporting small business owners and providing disaster relief funds. The supplementary budget is expected to be passed in the plenary session late at night after final consultations between the floor leaders of both parties and amendments by the National Assembly's Budget and Accounts Committee.

A key official from the Democratic Party stated, "The agreed supplementary budget size is approximately 34.9 trillion won, which is an increase of 1.9 trillion won from the government's proposal," adding, "It cannot be precisely defined, but it covers about 88% of households." The cost of 2 trillion won for national debt repayment will be maintained as is.

Representative Maeng explained the scope of disaster relief fund recipients, saying, "Excluding high-income earners, 250,000 won will be paid per person," and added, "Although the payment ratio is not exactly 9 to 1, it is close to 90%."

Regarding the selection criteria, he said, "It will be based solely on income," elaborating, "For single-person households, those earning over 50 million won annually will be excluded from the payment target, and the criteria will be raised for dual-income and four-person households."

As for the scale of support for small business owners, it was decided to increase the amount by approximately 1.5 trillion to 1.6 trillion won by combining the Hope Recovery Fund and loss compensation.