National Current Subsidies for the 2nd Quarter of 2016 Reached $10.46 Million USD

Five parties received funds increased by USD $470,000 compared to the 1st quarter

Details of National Subsidy Payments for the 2nd Quarter

(Units: Korean Won, USD and %)

*Figures in USD are approximate.

The increase in national subsidies for the second quarter is due to the subsidy being calculated by multiplying the subsidy unit cost by the number of voters for the recent 20th National Assembly elections. 

According to article 27 of the Political Parties Act, as of the subsidy allocation day, 50% of the total subsidies are equally divided to political parties with a negotiation group whose members are from the same party, and parties with between five and 20 seats receive 5% of the total funds divided between them. 

In accordance with the above criteria, the remaining funds were then distributed to parties, with half according to the number of seats they have in the National Assembly and half according to the number of votes obtained in the 20th National Assembly elections. 

However, unlike the number of voters or votes that have a basis on the most recent National Assembly elections by the termination of office, the number of seats in the National Assembly are from as of the subsidy allocation day. Therefore, the national subsidies that reflect the 20th National Assembly, whose term begins May 30, will be provided from the third quarter.