SEOUL, SOUTH KOREA – The National Assembly of South Korea, dominated by the opposition Democratic Party (DP), successfully passed a significant bill on Friday to provide cash handouts to the entire population, despite strong resistance from the ruling People Power Party (PPP).
According to Yonhap News Agency, the bill secured passage with a vote of 186-1 after the Assembly voted to end a filibuster by the PPP. The filibuster, initiated by the ruling party, was cut short when PPP lawmakers exited the session before the vote could commence. The bill, which proposes distributing cash vouchers ranging from 250,000 won to 350,000 won to all households, is a fulfillment of a campaign promise by former DP leader Lee Jae-myung, aimed at stimulating spending and rejuvenating the local economy.
The passage of the bill came after a record-setting filibuster by PPP Representative Park Soo-min, who argued against the economic viability of the handouts, speaking for nearly 16 hours. Despite these efforts, the required three-fifths majority was met to halt the filibuster under the National Assembly Act.
However, the bill’s implementation remains uncertain, as President Yoon Suk Yeol holds veto power, and has expressed opposition through government officials. Interior Minister Lee Sang-min criticized the unilateral process of the bill’s passage and warned of the financial strain it could impose on the nation, potentially impacting consumer prices and market interest rates.
The government has indicated it will seek a reconsideration of the bill once it is officially presented for presidential approval, as outlined in the Constitution. Following the bill’s passage, the DP plans to introduce pro-labor legislation aimed at protecting labor unions from damage claims during disputes.