[Expectations for the 22nd National Assembly] Automatic Start of Parental Leave and Expansion of Onnuri Gift Certificates... Ruling and Opposition Parties Must Handle Common Pledges

On the 30th, an analysis of the 22nd general election pledges of the People Power Party and the Democratic Party of Korea revealed that both parties had similar pledges in areas such as low birthrate, livelihood, and the economy. In political circles, there are calls that the issues jointly pledged by both parties must be addressed in the 22nd National Assembly.

On the 29th, the last day of the 21st National Assembly's term, a banner congratulating the opening of the 22nd National Assembly is hung at the main building of the National Assembly. Photo by Kim Hyun-min kimhyun81@

As a measure against low birthrate, both parties pledged to establish departments related to population. The People Power Party proposed an 'Ingu-bu' (Population Department), while the Democratic Party suggested an 'Ingu-wigi Daeeung-bu' (Population Crisis Response Department). At the summit meeting held on the 29th of last month, President Yoon Seok-yeol and Democratic Party leader Lee Jae-myung confirmed their consensus on this pledge, and President Yoon decided to elevate the Low Birthrate and Aging Society Committee to a vice-premier level 'Low Birthrate Response Planning Department.'

Other common pledges for low birthrate measures include the mandatory automatic commencement of parental leave. This plan allows workers who wish to take parental leave to enter it immediately upon submitting a parental leave application to their company, without requiring employer approval. Additionally, both parties promised to increase the child tax credit amount for income tax. However, the Democratic Party pledged to double the credit amounts of 150,000 won for the first child, 200,000 won for the second, and 300,000 won for the third child, while the People Power Party promised a uniform 300,000 won credit for all children.

Pledges for small business owners were also similar. The People Power Party promised to expand the issuance of Onnuri gift certificates to 10 trillion won, while the Democratic Party announced plans to make national treasury support for local currency issuance permanent through amendments to the Local Love Gift Certificate Act. Financial policies for small business owners were identical. Both parties pledged to more than double the policy funds aimed at reducing loan interest rates for small business owners.

Pledges concerning the elderly and solitary deaths were also alike. Both parties vowed to solve the elderly's meal problems by providing lunch at senior centers. The People Power Party pledged a phased expansion to seven days a week, while the Democratic Party promised to provide lunch five days a week.

In economic and financial policies, both parties pledged to expand benefits for Individual Savings Accounts (ISA). The People Power Party proposed increasing the annual contribution limit from 20 million won to 40 million won and raising the tax-exempt limit on dividends and interest income from 2 million won to 5 million won. The Democratic Party proposed increasing the contribution limit to 30 million won annually and making dividends, interest income, and other earnings fully tax-exempt.

Pledges to support the smooth landing of virtual assets were also similar. Both the People Power Party and the Democratic Party promised a second phase of legislation on the Act on the Use and Protection of Virtual Assets (Virtual Asset Act). Although the Virtual Asset Act will be enforced in July, the pledge reflects the need for additional regulations on virtual asset issuance, distribution, and fundraising operators. Furthermore, the People Power Party announced plans to monitor the virtual asset market through a dedicated virtual asset committee, while the Democratic Party pledged to protect investors by installing an integrated monitoring system.