The Democratic Party of Korea said on the 9th at a policy meeting on pending issues that it asked the government to review a way to temporarily ease the progressive rate structure for household electricity bills during the heat wave. It said Minister Kim Sung-hwan of the Ministry of Climate, Energy and Environment noted he would "review it actively."
Han Jung-ae, the Democratic Party policy committee chair, said, "This heat wave is being defined as a catastrophic heat wave like in 2018, different from previous years." She added, "We have asked the government to review a method to further ease the progressive rate structure so that when people receive their electricity bills in September and October, they feel less of a shock, by preemptively supplementing the progressive rate structure."
Regarding the tax reform plan the government released on the 3rd, she said, "There is a possibility the plan will be finalized around the end of August, but even before that, the party and government will coordinate and wrap it up." After a tax law revision is released, it goes through advance notice of legislation, review by the Ministry of Government Legislation, and the Cabinet meeting before being submitted to the National Assembly. It is interpreted as meaning they will make supplements before it is submitted to the National Assembly.
Han said, "We plan to hold the first meeting of the in-party housing market stabilization task force (TF) on the 12th or 13th of this month." She continued, "As for real estate supply or financial support measures for it, we expect the government to discuss and release something to some extent soon as a follow-up." She also said, "We will do our best so it can be boldly reflected in next year's budget."
Regarding the plan to overhaul individual savings accounts (ISA), which President Lee Jae-myung ordered to be fully reexamined, Han said, "It seems there is no need to touch existing ISAs, and for what has been additionally introduced related to productive finance (ISA), it can be done selectively."
She added, "In the case of the stock-price suppression prevention bill, we originally had an intent for that bill, but the government plan seems somewhat lacking," and said, "The Ministry of Finance had been converging on taking in the content the party is requesting and making adjustments."