Kwon Seong-dong: "Additional Budget Loss Compensation to Be Paid Starting Tomorrow Afternoon"

Kwon Seong-dong, floor leader of the People Power Party, is delivering opening remarks at the 'Local Election Central Election Countermeasures Committee Meeting' held at the National Assembly on the 23rd. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Hyun-joo] Kwon Seong-dong, floor leader of the People Power Party, said on the 29th that regarding the timing of the payment of loss compensation funds for small business owners and self-employed workers agreed upon by the ruling and opposition parties, "If it is processed in today's plenary session, payments will begin immediately from Monday (the 30th) afternoon."

In a phone call with Yonhap News on the same day, Floor Leader Kwon said, "Following the 'Blue House opening,' it is meaningful to have fulfilled President Yoon Seok-yeol's election pledge to provide loss support funds to small business owners and the self-employed."

The ruling and opposition parties agreed to process the supplementary budget bill for loss compensation at the National Assembly plenary session on the day, three days before the June 1 local elections. They adjusted the sales revenue eligibility criteria for the loss compensation fund from the government's original proposal of up to 3 billion won to up to 5 billion won, deciding to provide between 6 million won and a maximum of 10 million won to approximately 3.71 million business operators nationwide.