On the 17th, the National Assembly’s Political Affairs Committee held the first subcommittee on bill review and agreed to pass a partial amendment to the Act on Financial Life Support for Common People (amendment to the Common People’s Financial Support Act).
As the ruling and opposition parties have reached an agreement in the subcommittee of the bill, the bill is expected to be presented to the Legal Judicial Council (Judiciary Committee) after passing smoothly at the plenary meeting of the Political Affairs Committee scheduled for next week on the 24th. It is expected to be dealt with at the plenary session of the National Assembly later this month after examination by the judiciary committee.
The amendment contains the contents of regular contributions to financial companies by expanding the range of financial assets managed by the Financial Services Agency. The contents of expanding the range of companies that make contributions from existing savings banks and mutual financial associations to banks, insurance, and credit-specialized financial companies are included.
As the Corona 19 situation is prolonged and the number of ordinary people who are escaping to private finance due to the highest interest rate cut from the second half of this year is likely to increase, the purpose of the bill is to strengthen the banks of ordinary people’s finances.
The bill requires private financial companies to pay contributions of up to 0.03% of household loan balances. This also means that the bank should pay 100.5 billion won per year, 18.9 billion won for the female professional rights and 16.8 billion won for the insurance business.
However, since private companies have to pay 100 billion won a year to finance the financial products of the common people, the burden is not small, so the five-year sunset system was applied.
|
