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Current National Subsidies for 4th Quarter of 2017

Date :11/17/2017Read : 126

Current National Subsidies for 4th Quarter of 2017

= $10.5 million USD distributed to seven political parties. Total of $38 million distributed in 2017 =

 

The National Election Commission of the Republic of Korea (NEC) provided about 10.5 billion won (approx. $10.5 million USD) of current national subsidies for the third quarter to seven political parties on November 15.

 

Details of Subsidy Payments for the Fourth Quarter of 2017 

 

Total

(297 seats)

The Minjoo Party of Korea

(121 Seats)

Liberty Korea Party

(116 Seats)

People’s Party
(
40 Seats)

Barun Party  

(11 Seats)

Justice Party

(6 Seats)

Minjung Party

(2 Seats)

Korean Patriots'' Party

(1 Seat)

 $9,609,437

(10,535,624,500)

$3,038,649

(3,330,976,080)

 $3,090,943

(3,388,672,620)

$2,287,960

(2,506,941,380)

$551,991
(604,822,890)

$610,356

(668,773,900)

$25,860

(28,342,940)

$6,472

(7,094,690)

100%

31.6%

32.2%

23.8%

5.7%

6.3%

0.3%

0.1%

Unit: USD based on exchange rate on November 17, 2017 (Korean Won)​  

 

According to article 27 of the Political Parties Act, the current standards are to provide subsidies to political parties with a negotiation group in the National Assembly (more than 20 seats) 50% of the total funds divided equally among them, and then 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 distributed 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. 

 

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