Ruling Party Proposes 35 Trillion Won Supplementary Budget... Raises Loss Compensation Damage Recognition Rate to 100%

Democratic Party convenes highest council on first day of holiday to pressure Yoon
"Action must be faster than words... Even overnight review from the 3rd is tight"
"All losses and damages from quarantine cooperation must be fully compensated"

[Asia Economy Reporter Oh Ju-yeon] On the 29th, the Democratic Party of Korea demanded that the People Power Party promptly process the supplementary budget (supplementary budget) worth 35 trillion won to support small business owners and self-employed individuals. They also emphasized raising the current 80% recognition rate for small business loss compensation to 100%, ensuring full compensation for losses and damages incurred due to cooperation with COVID-19 quarantine measures.

[Image source=Yonhap News]

On this day, the Democratic Party held an emergency Supreme Council meeting to discuss the review plan for the supplementary budget with these contents.

Party leader Song Young-gil said, "Candidate Lee Jae-myung expressed a strong will that securing at least about 35 trillion won in the supplementary budget is necessary in the early supplementary budget," adding, "The Democratic Party's position is that it should be done more substantially and with an expanded target scope." He added, "There are many people who have never received support in the four rounds of quarantine support. The scope should be expanded to include special employment workers, corporate taxi drivers, bus drivers, and cultural artists," and also said, "Support of about 3 million won should be provided more substantially."

Floor leader Yoon Ho-jung also emphasized the need to expand the supplementary budget scale, saying, "Although the government submitted a supplementary budget of 14 trillion won, the livelihood field is desperate. It is expected that more than 100,000 confirmed cases will occur from late February to early March."

Floor leader Yoon said, "We will make every effort to ensure sufficient and substantial support to each small business owner and self-employed person through this supplementary budget," and "We will also broadly include support for special employment workers, taxi workers, and care workers who are in the blind spots of support."

He continued, "In the February extraordinary session of the National Assembly, we will raise the loss compensation recognition rate to 100% along with the supplementary budget," and "We will ensure that all losses and damages due to cooperation with quarantine measures are fully compensated."

He also called on People Power Party candidate Yoon Seok-youl and the opposition parties to take action for the prompt processing of the supplementary budget.

He said, "Now is the time when action must be faster than words," and criticized, "Instead of just talking about 50 trillion or 100 trillion won, a responsible presidential candidate should show it through actions."

He added, "If the supplementary budget is to be processed before the official election campaign starts on the 15th, the schedule is tight even if overnight deliberations are held from the 3rd after the Lunar New Year holiday," and urged, "If the opposition party is even a little sincere about the pain of small business owners, self-employed people, and the public due to quarantine, they should immediately engage in bipartisan cooperation instead of idle political calculations."