Pump Priming Steps Due for Sunday
By Yoon Ja-young
Staff Reporter
The government and the ruling Grand National Party will announce a package to boost the economy and stabilize the livelihood of the working class, Sunday.
The package is likely to include long-term measures, such as improving corporate surroundings, easing regulation on startups and encouraging investment in the construction sector, which are hoped will boost the economy and help the livelihood of the working class.
``The Grand National Party will soon prepare a package to stabilize the economy of the working class along with the government,'' said Cho Yun-sun, the party's spokeswoman.
The package is likely to be announced on Sunday, after the government-ruling party consultation meeting.
It will focus on supporting the working class suffering the hike in oil prices. Truck drivers and merchants who often transport their goods in small trucks are having a hard time as diesel prices rose even steeper than gasoline prices. The stabilization measure may include cutting oil taxes, and supporting low-income households and those who depend on trucks to make a living. The government and the ruling party decided in the meeting held Tuesday that the extra tax income from the oil price hike should be spent helping the poor and working class and those involved with trucks and public transportation.
It is also considering allowing large retailers such as E-mart to run gas stations, to simplify the retail route of oil products and help cut consumer prices.
Yonhap News reported between 5 to 7 trillion won, which includes a 4.9 trillion won surplus from tax income, will be spent to stabilize the livelihood of the working class. It is also considering setting a supplementary budget for the measure.
It is scheduled to ease regulation on startups and cut taxes, while also push for deregulation in the metropolitan area and regarding environment to help businesses more easily establish factories. Restriction on the real estate market is likely to be eased as the buildup of unsold new apartments, especially in the provinces, are bankrupting small constructors.