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NEC Subsidized 4 Political Parties with KRW 9.4 Billion (USD 8.4 M)

Date :08/23/2013Read : 208

NEC Subsidized 4 Political Parties with KRW 9.4 Billion (USD 8.4 M)

 

On August 14, the National Election Commission (NEC) provided third quarter current subsidies of about 9.38 billion Won to four parties.

 

 

Seats

Amount (Won)

Percentage (%)

Total

292

9,385,140,000

100.0%

Saenuri Party

154

4,340,469,460

46.3%

Democratic Party

127

3,851,541,720

41.0%

Unified Progressive Party

6

684,606,220

7.3%

Justice Party

5

508,522,600

5.4%

 

By Article 27 of Political Fund Law, the half out of the total current subsidies is equally allocated to the each party that has a negotiation body, consisting of their own lawmakers, as of the day subsidy payment is made. Meanwhile, the 5% of the total current subsidies is given to every party that has 5 and more seats but less than 20.

 

The half of the remainder after the payment above is granted to parties based on the number of seats a party has in the National Assembly. The rest half is given depending on the proportion of the votes won by a party.

 

The parties paid current subsidies are obligatory to distribute at least 30% of the subsidy to the policy research institute of their own, 10% to the political development for women and more than 10% to their party offices in the metropolitan areas.

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