Choi Sang-mok "Nationwide 250,000 Won Support Law, a Stopgap Measure with Concerns of Side Effects"

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is attending and speaking at the Economic Ministers' Meeting held at the Government Seoul Office in Jongno, Seoul on the 10th. Photo by Jo Yong-jun jun21@

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok criticized the special law for overcoming the livelihood crisis, which the Democratic Party of Korea is pushing to legislate, promising to provide 250,000 won in support to all citizens, calling it a "stopgap measure with concerning side effects."

On the 22nd, Deputy Prime Minister Choi met with reporters at the Government Complex Sejong and said, "I agree with the awareness that the government must make efforts due to difficulties in domestic demand and the livelihood economy," but he pointed out, "In terms of methodology, uniform cash support for all citizens is a stopgap measure with concerning side effects."

Choi said, "For vulnerable groups struggling to make a living, living expenses should be compensated," adding, "Small business owners are facing difficulties under the burden of debt rather than cash, so debt adjustment is necessary, and I do not think one-time cash support helps with structural problems."

He also emphasized the importance of support such as tariff quotas to alleviate the burden on general households caused by high inflation or food prices. Choi said, "Support should be tailored according to the situation of difficulty; uniform and temporary cash support is not a solution," calling it a "temporary and makeshift stopgap measure."

He also pointed out that large-scale cash support could increase fiscal burdens, potentially transferring debt burdens to future generations. Choi added, "I seriously accept the spirit of the law that the government must make its best efforts because people's livelihoods are difficult."

The opposition party-led special law has passed the Administrative and Security Committee and moved on to the Legislation and Judiciary Committee. The Democratic Party plans to handle the bill in the plenary session soon.