Gov′t, ruling party agree on budget plan to ease inflation woes

Gov't, ruling party agree on budget plan to ease inflation woes: General / 이민지 / 2022-08-24 09:50:26

policy consultation-budget

▲ Rep. Sung Il-jong (2nd from L), chief policymaker of the ruling People Power Party (PPP), speaks during a policy consultation session between the PPP and the government at the National Assembly on Aug. 24, 2022. (Pool photo) (Yonhap)

policy consultation-budget

Gov't, ruling party agree on budget plan to ease inflation woes

SEOUL, Aug. 24 (Yonhap) -- The government and the ruling party agreed Wednesday to focus on easing inflation woes and helping job seekers in drawing up next year's budget in the wake of growing global inflation concerns.

Rep. Sung Il-jong, the chief policymaker of the ruling People Power Party (PPP), said the two sides agreed to consider a 50 percent increase in energy vouchers for low-income households and expanding discount coupons for grocery purchases.

To alleviate debt concerns for small businesses and the self-employed, they agreed to consider earmarking budget for a debt adjustment program that would affect some 250,000 people.

The two sides also agreed to dole out 3 million won (US$2,238) to young people seeking jobs and expand state subsidiaries to companies that hire the disabled.

"On the basis that state budget should be used to encourage young people, we requested budget for this proposal, and the government said it will actively consider this," Sung told a press briefing.

Also included in the discussions was allocating budget for designing a massive rainwater tunnel in the capital following deadly floods that pounded the capital and surrounding areas earlier this month.

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