Up to 600,000 won in support for 70% of the population... Agreement reached on 26 trillion won supplementary budget

From left: Jin Sung-joon, Chairman of the National Assembly Special Committee on Budget and Accounts; Song, Floor Leader of the People Power Party; Han, Floor Leader of the Democratic Party of Korea; and Park Hong-keun, Minister of Planning and Budget. News1 [Financial News] The ruling and opposition parties agreed on a supplementary budget bill on the 10th to respond to the surge in oil prices caused by the war with Iran. 2 trillion won, but the budget was increased by 500 billion won through partial reductions.
In particular, it was decided to maintain the oil price damage relief fund, which provides up to 600,000 won to the bottom 70% of income earners. The floor leaders of the Democratic Party of Korea and the People Power Party, along with the chief whips of the National Assembly Special Committee on Budget and Accounts, agreed to put the supplementary budget bill to a vote at the plenary session of the National Assembly today, following marathon negotiations that continued from the previous day.
2 trillion won through increases within the scope of reductions. " The items for increase within the reduction scope include: △ 200 billion won for the establishment of oil-price-linked subsidies for agricultural machinery, an increase in oil-price-linked subsidies for tax-exempt diesel for farmers, foresters, and fishermen, fuel cost support for coastal passenger ships, and expanded support for mineral fertilizers; △ 100 billion won for the temporary 50% discount on K-Pass; and △ 200 billion won for the stabilization of naphtha trade.
In addition, they agreed to amend the Enforcement Decree of the Passenger Transport Service Act to provide temporary fuel-price-linked subsidies for chartered buses. They decided to maintain the budget for high-fuel-price relief payments ranging from 100,000 to 600,000 won for the bottom 70% income bracket, which had been the biggest point of contention.
Initially, the People Power Party strongly criticized this as vote-buying for the June local elections and proposed fuel tax cuts and a 600,000 won fuel subsidy specifically for freight truck operators as alternatives. However, given that the impact of high fuel prices is affecting the entire nation, they reached an agreement for the greater good.
Song Eon-seok, the floor leader of the People Power Party, stated, "Although some view this as a supplementary budget using the war as an excuse, we believed that reaching an agreement was the necessary stance for the national interest as the opposition party, as it addresses issues necessary for the people's livelihoods. " The supplementary budget bill will be processed at the National Assembly plenary session today.
It is expected to open around 10 p. m.
, as time is required for the Budget and Accounts Committee's detailed adjustments and the Ministry of Finance and Economy's revision work.
From left: Jin Sung-joon, Chairman of the National Assembly Special Committee on Budget and Accounts; Song, Floor Leader of the People Power Party; Han, Floor Leader of the Democratic Party of Korea; and Park Hong-keun, Minister of Planning and Budget. News1 [Financial News] The ruling and opposition parties agreed on a supplementary budget bill on the 10th to respond to the surge in oil prices caused by the war with Iran. 2 trillion won, but the budget was increased by 500 billion won through partial reductions.
uknow@fnnews.com Kim Yun-ho, Lee Hae-ram, Song Ji-won, Kim Hyeong-gu Reporter