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Both the ruling and opposition parties announce their ten key pledges as the April 10 general elections approach.
With the April 10 general elections just around the corner, the ruling party and opposition parties have unveiled their ten key pledges for the election, with a special focus on keywords such as low birthrates, climate crisis, support for micro-enterprises, and public safety. Both parties have pledged to provide institutional support and allocate funds to address issues affecting ordinary people, including low birth rates and economic challenges. This demonstrates the shared recognition of social crisis, including the demographic cliff and deteriorating economic conditions of ordinary people, by the two parties.
The ten key pledges of the People Power Party include ensuring a happy work and family life; establishing a comprehensive infrastructure for childcare; giving hope for ordinary people, small business owners, and traditional markets; supporting SMEs and startups; ensuring the safety of citizens; promoting a healthy and vibrant local society; addressing transportation and house gaps; promoting youths’ happiness; ensuring a stable future for the elderly; responding to the climate crisis; and promoting a greener life together.
The Democratic Party of Korea also provided ten pledges, focusing on the stabilization of people’s livelihoods; addressing low birth rates; responding to climate change and transitioning to renewable energy; promoting people’s health and happiness; ensuring public safety; strengthening the competitiveness of micro-enterprises, small-scale businesses, and SMEs; advocating peace on the Korean Peninsula; restoring democracy; and initiating government reform.
The primary and secondary pledges of the People Power Party revolve around addressing low birth rates. To tackle this issue, they have committed to establishing a deputy minister-level ministry on population and create a special account dedicated to generating financial resources for addressing low birth rates. Additionally, they have promised to introduce a mandatory one-month paid leave for fathers and foster a culture of flexible work arrangements for workers who are parents.
The third pledge involves reintroducing a tax-free savings account; expanding the tax-free limit of the Individual Savings Account (ISA); increasing the depositor protection limit to KRW 100 million; providing a 50% tax deduction for the credit card usage of ordinary people and micro-enterprise; and doubling the guarantees and policy fund for small businesses.
Meanwhile, the primary pledge of the Democratic Party of Korea is to stabilize people’s livelihood. They have promised to establish a residence complex platform with 1 million basic housing units and provide support for transportation costs, including a monthly youth pass of KRW 30,000. The party has also pledged to raise the standards and limit of tax credits for earned income and support companies that adopt a four-day workweek.
In addressing the low birthrate, the party has promised to provide a monthly childcare allowance of KRW 200,000 until the child reaches the age of 18, as well as a 10-year loan of KRW 100 million per newlywed couple. Regarding innovation and growth, the party has committed to securing a 5 per cent share of the national budget for research and development.
Although both the ruling and opposition parties have revealed their 10 key pledges, there is a notable absence of specific financial measures to fund these initiatives. This has raised concerns about the feasibility of these pledges and may invite controversy regarding their practicality. Meanwhile, some critics have pointed out a lack of differentiation among the pledges, as they share common goals, such as addressing the low birthrate, supporting SMEs and micro-entrepreneurs, and promoting the well-being and safety of the people.
As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business Report since August 2019. The March 2024 issue of the P&B Report conducted a full inspection of legislation proposed to the National Assembly Subcommittee, Standing Committee, and Plenary Session from February 15, 2024, to March 14, 2024, and selected and analyzed legislation with a significant impact on corporate activities. In the case of major legislation, key mentions of legislators, members of the Standing Committee, and government officials are included.
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