Democratic Party's Minsheng Economic Recovery Team Holds Supplementary Budget Briefing on June 12
The Minsheng Economic Recovery Team of the Democratic Party of Korea emphasized that more than 3 trillion won is needed from the supplementary budget (supplementary budget) to revitalize the stagnant construction market through social overhead capital (SOC), public redevelopment, and public housing activation.
At the 4th supplementary budget briefing of the Democratic Party's Minsheng Economic Recovery Team held at the National Assembly in Yeouido on the 12th, Heo Young, the team leader, said, "Representative Lee Jae-myung mentioned a minimum supplementary budget size of 30 trillion won in the temporary National Assembly negotiation group representative speech," adding, "I think more than 3 trillion won plus alpha is needed for the construction sector in the supplementary budget." This briefing was held under the theme of 'Economic revitalization and job creation through SOC, public redevelopment, and public housing activation.'
The labor sector emphasized the need to crack down on illegal employment of foreign workers on site. Maeng Jong-an, subcommittee chairman of the Construction Union of the Korean Confederation of Trade Unions, said, "Since the Yoon Seok-yeol administration, illegal employment of foreign workers on site has been tolerated and abetted," and added, "A bidding system that requires domestic employment as a prerequisite for public construction bids is necessary."
Maeng also said, "There were points raised in the National Assembly audit regarding illegal employment and wage proxy receipt at LH," adding, "I hope the money can be used properly."
In response, Park Hong-bae, a Democratic Party lawmaker, said, "Regarding the payment system that directly supports subcontracted workers as a support measure for construction workers mentioned, a bill has already been proposed and is being actively promoted by the Minsheng Economic Recovery Team," adding, "We will also look into the issue of illegal foreign workers."
The construction industry emphasized the need for support measures to alleviate the financial cost burden.
Choi Jae-young, a team leader at Lotte Construction who handles PF financing, said, "Although a rate cut was expected, there was a change after the Trump administration," adding, "The most urgent need in private development situations is a low PF interest rate." He also said, "Construction companies provide guarantees for responsible completion and have agreements to assume PF debt if responsible completion is not achieved," adding, "However, in cases where the construction period is extended by 2 to 3 months due to unsold units, it is difficult to extend the deadline." He added, "I hope the consultation system regarding deadline extensions and additional financial support can be simplified."
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