The Democratic Party held discussions on key budget and legislative priorities ahead of next year's budget review, focusing on expanding national funding for fire services and public housing supply. The party is also considering the introduction of a mandatory tender offer system in the capital markets.
Kim Tae-sun, secretary to the party leader, announced on November 1 that a meeting was held with the party leader, floor leader, and senior members to discuss upcoming budget and legislative tasks.
Kim explained that they discussed plans for additional allocations of local transfer taxes and local education financial grants, as well as expanding national funding for fire services. They also exchanged views on public housing supply strategies.
Regarding capital market legislation, they discussed the mandatory tender offer system and agreed to continue gathering opinions within the party.
The mandatory tender offer system requires acquirers to publicly offer to buy a certain percentage of shares from minority shareholders when control of a listed company changes hands. The core principle is to ensure that minority shareholders have the opportunity to share in the control premium.
Additionally, concerning labor exceptions related to the Super Wide Special Zone Act's 52-hour workweek exemption, Kim stated that they would continue to engage in social dialogue to gather opinions and discuss the matter.
He also mentioned that they exchanged views on the issue of delaying taxation on virtual assets, adding that the Democratic Party plans to continue discussions with both party members and the government regarding the key budget and legislative tasks discussed today.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.