South Korea’s National Assembly approved a 26.2 trillion won supplementary budget bill proposed by the government during a plenary session on April 10, just 10 days after its submission. This marks the fastest passage of such legislation to date.
Swift Agreement in Budget Committee
The Budget Special Committee convened its plenary session, where ruling and opposition parties aligned on key provisions. Officials confirmed the bill’s rapid advancement reflects efficient negotiations.
The People Power Party initially pushed for double the original disaster relief allocation but agreed to retain the proposed 4.8 trillion won. This fund supports 70% of base recipients, aiding 3.256 million individuals with payouts ranging from a minimum of 10 million won to a maximum of 60 million won.
Major Spending Breakdowns
Private education support claims 4.2 trillion won within the total. Additional allocations totaling 2 trillion won target agricultural cooperative bond trusts, farming policy funds, labor union business assistance, non-union recovery initiatives, and welfare enhancements.
Second Budget Under Current Administration
This approval represents the second supplementary budget for the administration. The prior 31 trillion won package passed plenary 30 days after the government’s July inauguration and just 11 days following submission.
