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The passage of the government's W10.5 trillion policy package to help alleviate the impact of soaring energy prices on the public is being delayed as opposition lawmakers continue to boycott the National Assembly (US$1=W1,042). When it announced the package, the government said it would seek to ratify related regulations during the extraordinary session of the National Assembly in June and implement them in July so that people would be able to benefit as soon as possible. But the 18th National Assembly has been unable to convene as opposition lawmakers continue to boycott parliament, and the government's economic measures aimed at aiding the public are gathering dust as necessary regulations await ratification.
The government's measures include a maximum W240,000 tax rebate affecting 14 million workers and self-employed Koreans, expanding oil subsidies for truck, bus and cargo ferry operators and farmers, and easing the impact of soaring raw materials prices on small and mid-size manufacturers. A total of six revised regulations need to be passed, including laws on special taxes, transportation, energy and environment, regional taxes, transactions with subcontractors, cargo transport operations and oil and alternative energies.
That's not all. The government needs to prepare a revised supplementary budget in order to come up with the money to implement the support policies. Also awaiting passage at the National Assembly are revised laws regarding income taxes in order to stimulate purchases of unsold homes across the country, revised laws on credit guarantees so that poor students can obtain more loans to pay for tuition, and regulations on corporate taxes.
They are all measures that need to be passed urgently. Most of all, economic support policies are there in order to alleviate the pain suffered by the public due to high oil prices, inflation and economic slowdown. They are also emergency measures to prevent the blockage of product distribution and construction due to striking truck drivers and construction workers. If the passage of relevant regulations gets delayed even further, underprivileged Koreans will suffer more, while unionized workers will intensify strikes demanding better conditions. If that happens, the country's economy may be dealt a fatal blow. How much longer are opposition lawmakers seeking to continue their "political strike" while holding the public and the country's economy hostage?
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