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National Assembly approves government budget for next year

All News 00:54 December 06, 2017

SEOUL, Dec. 6 (Yonhap) -- The National Assembly approved the government's budget for next year early Wednesday as the main opposition party boycotted the vote to express its objection to some contentious points in the bill, such as the creation of thousands of new government jobs.

The 428.8 trillion won (US$394.4 billion) budget, which passed in a 160-15 vote, centers on creating thousands of new government jobs, expanding welfare programs, and increasing the minimum wage. To fund the increased spending, it calls for raising the corporate and income tax rates for big businesses and top earners.

The vote took place after the main opposition Liberty Korea Party walked out of the session in protest.


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