Namwon-si Implements 'Budget Performance Bonus' System for the First Time This Year

[Namwon=Asia Economy Honam Reporting Headquarters Reporter Jeong Young-kwon] Namwon City, Jeonbuk, will implement the "Budget Performance Bonus System" for the first time this year to secure fiscal soundness and promote proactive administration.

Namwon City Hall Exterior View
[Photo by Namwon City]

According to the city on the 3rd, the Budget Performance Bonus System is a system that provides incentives to those who contribute to budget savings or revenue increases through budget execution methods or system improvements in accordance with related laws such as the Local Finance Act, encouraging efficient budget execution and work improvement.

The city plans to discover various ideas and promote budget-saving policies as efforts to reduce the budget and operate tight finances are urgently needed for the implementation of the 8th term public election pledges.

The recipients of the budget performance bonus are public officials who have made special efforts to save expenditures such as personnel expenses, operating expenses, and major project costs, or who have discovered new revenue sources or increased income from self-generated resources.

The target period for the budget performance bonus is the "2023 fiscal year," from January 1 to December 31, 2023.

Those who wish to receive the budget performance bonus should prepare materials that can prove budget savings, creativity, and efforts during this year and apply by March next year.

The Budget Performance Bonus Review Committee will review the contributor's creativity, degree of effort, financial improvement effect, and ripple effect, and decide the recipients of the bonus in May during the first half of next year and pay accordingly.

Recipients of the performance bonus will be paid up to 20 million KRW per person within a certain percentage range of the amount saved in expenditures and increased revenue.

Namwon Mayor Choi Kyung-sik said, "Through the Budget Performance Bonus System, we expect many original budget-saving cases to be discovered, contributing to fiscal soundness by preventing budget waste and increasing revenue."

Namwon=Asia Economy Honam Reporting Headquarters Reporter Jeong Young-kwon baekok@asiae.co.kr