Kim Ki-hyun "Compensation for Losses from 1 Million to 10 Million Won... Government Should Also Discuss with People Power Party"

"I will participate from the supplementary budget formulation stage"

Kim Ki-hyun, floor leader of the People Power Party, is attending the floor strategy meeting held at the National Assembly on the 14th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Hyun-joo] On the 18th, Kim Ki-hyun, the floor leader of the People Power Party, stated that he would participate from the budgeting stage in the supplementary budget (추경) being promoted by the party and government, and insisted on "raising the COVID-19 recovery support fund for small business owners and self-employed from the current 1 million won to 10 million won."

This announcement goes a step further than the People Power Party's previous stance of reviewing the budget at the National Assembly level after the party and government prepare the supplementary budget. It is interpreted as a response to concerns that the party might appear passive about loss compensation, as well as because Yoon Seok-yeol, the People Power Party's presidential candidate, pledged 50 trillion won in support for small business owners and the self-employed.

At the floor countermeasure meeting held that morning, Floor Leader Kim said, "We will not have a Democratic Party-style political supplementary budget, but a proper livelihood supplementary budget that firmly guarantees the damages of small business owners."

The supplementary budget items presented that day include a tenfold increase in the COVID-19 recovery support fund, raising the loss compensation rate from 80% to 100%, and increasing the minimum loss compensation amount from 500,000 won to 1 million won. Additionally, it was proposed to include loss compensation for the culture, sports, and tourism sectors, which were effectively under business restrictions but were not included in loss compensation, and to apply it retroactively.

Floor Leader Kim said, "We demand the preparation of a supplementary budget including these three items and its submission to the National Assembly," and added, "The government should arrange a meeting with the People Power Party as soon as tomorrow to pre-consult on the supplementary budget." He emphasized, "The government must ensure that there is no submission of an insufficient and unfair supplementary budget behind closed doors only with the Democratic Party."