The 21st presidential election has been set for June 3, and the government has allocated 395.7 billion won for early election expenses. Including the election financing payment to candidates, government expenditure for the early election is expected to exceed 500 billion won.
On the morning of the 8th, during a Cabinet meeting chaired by Acting Prime Minister Han Duck-soo, the government presented, deliberated, and approved an agenda item stating that 395.7 billion won would be expended for election management costs for the early presidential election. This includes costs associated with domestic and international election management, public subsidies for political parties, and support costs for local government elections.
However, an expenditure plan for election financing was not presented at that Cabinet meeting. If election financing is included, it is expected that more than 510 billion won from the national treasury will be required for this early presidential election.
Election financing is a system in which the government reimburses candidates for election expenses incurred within a limited amount. Political parties receiving over 15% of the votes can reclaim all election expenses, while those below 15% can recover half. Election financing is paid within 70 days after the presidential election, and the amount varies based on the expenses each political party settles.
Previously, the National Assembly Budget Office analyzed that a total of 494.942 billion won would be required for this year's early presidential election. Specifically, it estimated that ▲ 325.84 billion won would be needed for presidential election management, ▲ 1.8925 billion won for overseas election management, ▲ 99.424 billion won for election financing, and ▲ 50.789 billion won for public subsidies for political parties.