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Subsidy for the 3rd quarter of 2012 to Political Parties

Date :08/26/2012Read : 360

The National Election Commission (NEC) provided the subsidy for the third quarter of 2012 to four political parties on August 14, 2012. The total amount for 3Q 2012 was 9.013 billion Korean won and the amount distributed to each political party is as follows.

 

○ Distribution of the subsidy for the third quarter of 2012

Political Parties

Number of seats

Amount

(KRW)

Percentage

(%)

Total

295

9,013,281,000

100.0

Saenuri Party

(New Frontier Party)

149

3,945,647,000

43.8

Democratic United Party

128

3,824,337,000

42.4

Liberty Forward Party

13

700,518,000

7.8

Unified Progressive Party

5

542,779,000

6.0

 

○ The Subsidy is distributed as specified by the Article 27 of the Political Fund Act. Political parties registered with the NEC at the time of distribution are entitled to receive the subsidy according to following requirements.

 

- 50% of the total amount is distributed equally to political parties which formed a negotiating body in the National Assembly.

 

- Political parties holding five seats or more but less than 20 seats are respectively entitled to get 5% of the total amount.

 

- In case political parties hold none or less than five seats, they are entitled to respectively receive 2% of the total amount, provided that they meet certain requirements regarding the vote share in elections.

 

- After distributing the subsidies according to the method explained above, the half of the remaining will be offered to parties based on the percentage of the seats in the National Assembly; and the rest half go to the political parties holding one or more seats in the National Assembly in proportion to the vote share in the latest National Assembly elections.
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