National Subsidies for 1st Quarter of 2016

Disbursement of 8.22 million USD to Four Political Parties Pursuant to the Political Fund Act

The National Election Commission of the Republic of Korea (NEC) provided about 9.99 billion won (approx. USD 8,219,626) of national current subsidies for the first quarter to four political parties on January 15 in accordance with the Political Fund Act. 

Details on Subsidy Payment for the First Quarter of 2016

Unit: Korean Won

* US dollar amounts in brackets are approximate. 

In compliance with Article 27 of the Political Funds Act, the current subsidies are given to the political parties holding a negotiation group in the National Assembly at the time of disbursement, while each of the political parties having more than five but less than 20 seats in the National Assembly is entitled to 5% of the total amount of the subsidy.

After distributing based on the aforementioned criteria, half of the remaining subsidy goes out to the political parties holding a seat in the National Assembly according to the ratio of the number of the seats gained by each party. The other half is disbursed based on the ratio of the number of votes obtained by political parties in the most recent National Assembly election. 

Meanwhile, the unit price of national subsidies for 2016 is 994 won. This was calculated by applying the rate of fluctuation in nationwide consumer prices of 2014 to the 2015 unit price of national subsidies, 981 won. The rate of fluctuation was announced by the Commissioner of Statistics Korea.