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Current National Subsidies for 2nd Quarter of 2017

Date :05/30/2017Read : 159

Current National Subsidies for 2nd Quarter of 2017


= Disbursement of $9 million USD to six political parties pursuant to the Political Fund Act =

 

The National Election Commission of the Republic of Korea (NEC) provided about 10.5 billion won (approx. $9 million USD) of current national subsidies for the second quarter to six political parties on May 15.

 

Details of Subsidy Payments for the First Quarter of 2017

 

Unit: USD (Korean Won) 

 

Total

(294 seats)

The Minjoo Party of Korea

(120 Seats)

Liberty Korea Party

(107 Seats)

People’s Party
(
40 Seats)

Barun Party  

(20 Seats)

Justice Party

(6 Seats)

Saenuri Party

(1 Seat)

 $9,397,250

(10,535,624,500)

$2,753,909

(3,087,516,010)

 $2,766,145

(3,101,234,240)

$1,937,282

(2,171,963,390)

$1,318,491
(1,478,212,620)

$614,228

(688,635,260)

$7,191

(8,062,980)

100%

29.3%

29.4%

20.6%

14%

6.6%

0.1%

 

The system for distributing subsidies begins with 50% of the total amount of subsidies available equally divided to political parties with a negotiation body in the National Assembly comprised of party members. Next, parties with between five and 20 seats receive 5% of the total funds each. 

 

After distributing based on the aforementioned criteria, half of the remaining subsidies are distributed to political parties represented in the National Assembly according to the number of seats each party has. The other half of the remaining subsidies are distributed based on the number of votes obtained by political parties in the most recent 20th National Assembly election.  

 

Details of Subsidy Payments for the First Quarter of 2017

 

Unit: USD (Korean Won) 

 

 

Total

National Subsidies

Election Subsidies

2nd Quarter

1st Quarter

Total

$56,383,501

(63,213,747,000)

$9,397,250

(10,535,624,500)

 $9,173,368

(10,535,624,500)

$37,589,001

(42,142,498,000)

The Minjoo Party of Korea

$16,546,146

(18,550,531,860)

29.3%

$2,753,909

(3,087,516,010)

29.3%

                       $2,702,866

(105,636,930)

29.5%

                  $11,022,164

(12,357,378,920)

29.3%

Liberty Korea Party

$16,135,193

(18,089,795,480)

28.6%

$2,766,145

(3,101,234,240)

29.4%

$2,615,301

(3,004,229,130)

28.5%

                  $10,689,425

(11,984,332,110)

28.4%

The Peoples Party

$11,594,929

(12,999,528,410)

20.6%

$1,937,282

(2,171,963,390)

20.6%

$1,878,952

(2,158,996,120)

20.5%

                    $7,731,930

(8,668,568,900)

20.6%

Barun Party

$8,383,383

(9,398,938,570)

14.9%

$1,318,491

(1,478,212,620)

14.0%

$1,373,388
(1,577,628,310)

15.0%

                    $5,657,725

(6,343,097,640)

15.1%

The Justice Party

$3,687,593

(4,134,305,290)

6.5%

$614,228

(688,635,260)

6.6%

$599,760

(689,134,010)

6.5%

                    $2,458,692

(2,756,536,020)

6.5%

Saenuri Party

$36,255

(40,647,390)

0.1%

$7,191

(8,062,980)

0.1%

-

                     $29,063

(32,584,410)

0.1%

*Figures in USD are approximate.

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