NEC Distributed $3.74 Million USD in Political Deposits to Political Parties in 2017 

The National Election Commission (NEC) of the Republic of Korea announced that around 4.03 billion won ($3.74 million USD as of January 15) of political deposits donated by the public were distributed to political parties in 2017.

When looking at the political deposits given by party, the Minjoo Party of Korea received 1.26 billion Korean won ($1.18 million USD), the Liberty Korea Party received 1.29 billion Korean won ($1.21 million USD), the People''s Party received 940 million Korean won ($887,000 USD), the Bareun Party received 230 million Korean won ($216,000 USD), the Justice Party received 250 million won ($235,000 USD), the Minjung Party received 8 million Korean won ($7,500 USD), and finally the Korean Patriot’s Party received 2 million Korean won ($1,800 USD). 

Unlike donations made directly to the Political Fundraising Association (PFAs) of politicians such as members of the National Assembly, anybody can make political deposits to the National Election Commission, including public officials and private school teachers.

These donations are distributed to the relevant political parties every quarter depending on whether the party has a negotiating group in the National Assembly, the number of seats in the party has in the National Assembly, or the number of votes in the most recent National Assembly elections.

Since 1997, when the current political deposits system started, various donation methods have been continuously developed and small donations have been promoted. By 2016, small donations to the NEC have amounted to a total of 81.2 billion won ($76.5 million USD).

More than 43,000 people donated political funds to the NEC, the majority of who donated under 100,000 Korean won

A total of 43,571 people participated in clean political donations last year, while 43,508 (99.9%) gave small donations of less than 100,000 Korean won ($95 USD). The average donation per person was 91,987 Korean won ($86 USD).

The NEC has been working to revitalize the small donation culture. For example, in 2005, the NEC expanded its donation system to allow donations by credit card points and in 2013 donations were allowed using smart phones.Anyone can access the Political Contributions Center (www.give.go.kr) and donate by credit card, bank transfer, mobile phone payment, or easy payment (including KaKaoPay, PAYCO, Paynow).

Donations up to 100,000 Korean won and 15% of amounts exceeding 100,000 Korean Won (25% of KRW 30 million, $30,000 USD) are tax deductable.

Donations worth a total of 3.96 billion won given to seven political parties during the 4th quarter of 2017. 

The NEC distributed a total of 3.96 billion won on January 12 collected from October to December last year.

2017 Political Deposits by Political Party

(Unit: Korean Won and approx USD)