National Current Subsidies for the 3rd Quarter of 2016 Reached 10.46 Million USD

= Funds distributed to four parties according the seats in the 20th National Assembly =

The National Election Commission (NEC) of the Republic of Korea has distributed national current subsidies for the third quarter of 2016, totaling 10.46 billion Korean won (USD $10.46 million) according to the Political Fund Act to four parties as of August 12. 

Details of National Subsidy Payments for the 3rd Quarter

The change in the subsidy allocation to each party compared to the second quarter is because the new composition of the 20th National Assembly that began its term on May 30 has been reflected.  

According to Article 27 of the Political Fund Act, 50% of the total current subsidy funds available equally divided to political parties with a negotiation body in the National Assembly, composing National Assembly members from their own parties, and parties with between five and 20 seats receive 5% of the total funds each. 

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