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National Subsidy for the 4th quarter of 2011

Date :11/17/2011Read : 367

 

The National Election Commission (NEC) provided the national subsidy for the fourth quarter of 2011 to eight political parties on November 15, 2011. The total amount for 4Q 2011 was 8.353 billion Korean won and the amount distributed to each political party is as follows.

 

Distribution of the national subsidy for the fourth quarter of 2011

Political Parties

Number of seats

Amount

(KRW)

Percentage

(%)

Total

290

8,353,000,000

100

Grand National Party

169

3,347,695,910

40.08

Democratic Party

87

2,821,586,890

33.78

Liberty Forward Party

18

578,296,710

6.92

Future Hope Alliance

8

563,869,750

6.75

Democratic Labor Party

6

504,024,540

6.03

Creative Korea Party

2

203,406,200

2.44

New Progressive Party

0

167,060,000

2.00

People’s Participation Party

0

167,060,000

2.00

 

The National 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 national 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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