The Seoul Metropolitan Government's First Supplementary Provisions of the Year to Settle…Active response to low birth rate and support TBS and municipal universities

The Seoul Metropolitan Government will provide 300 billion won in funds to the Seoul Transportation Corporation, a subway operator, and 480 billion won in additional budget to bus companies to ease financial difficulties caused by curbing fare hikes in line with the government's price stability stance. It will also provide up to 2 million won for egg freezing procedures for married and unmarried women for the first time in the country, and provide additional support to TBS and Seoul National University, which are struggling with drastic cuts in subsidies.

The city government said on Thursday that it has drawn up and submitted this year's first supplementary budget plan worth 3.408 trillion won (3.98 billion dollars) and submitted it to the city council. It is a 6.4 percent increase from 47.24 trillion won (47 billion dollars) in this year's budget that has already been finalized. If the original plan is passed, this year's total budget will increase to 50.28 trillion won (50.2 billion dollars). This is the second time that Seoul's budget has exceeded 50 trillion won (50.2 billion dollars) after 52.3072 trillion won last year. Through the extra budget, the city plans to focus on fulfilling its promise to citizens (675 billion won) and investing heavily in three areas of companionship, attractiveness and safety (64.2 billion won).

It will invest 119.2 billion won to overcome the economic crisis of the people's livelihood. It will invest 39.7 billion won in small and medium-sized enterprises and startups in various fields, including 39.9 billion won to strengthen the safety net for the vulnerable and 39.6 billion won to support small businesses. In detail, it will support transportation costs for young people preparing for self-reliance due to the increase in public transportation fees scheduled for the second half of the year. Transportation costs for middle and high school students in single-parent families, middle and high school students, and middle and high school students receiving basic livelihood and medical benefits, which are currently eligible for support, will increase the unit price of support from 28,800 won to 40,000 won per month.

As the hike in subway and bus fares has been postponed from the first half of the year to the second half, the company has also included financial support from operating organizations. It will invest 480 billion won in bus companies and others. Targets are city bus companies (44.98 billion won), village bus companies (17.6 billion won), subway line 9 and light rail line Wuyishin Line. The Seoul Metro will provide 305 billion won in additional financial support to the Seoul Metro, which is suffering from soaring losses from free transportation.

In addition, the city has set aside an additional 59.7 billion won to promote the Seoul-style low birth rate measure. For the first time in the country, the government will introduce a system that provides up to 2 million won for egg freezing costs for married and unmarried women who wish to become pregnant and give birth. It will be funded by the Seoul Metropolitan Government (1 million won) and the Korea Non-life Insurance Association (1 million won). The government will also invest 10.5 billion won to expand support for procedural costs for infertile couples. By abolishing income standards and restrictions on the number of procedures per treatment, infertile couples who have lived in the city for more than six months will receive up to 22 assistance.

Within 60 days of childbirth, a new 1 million won will be paid to mothers without income restrictions, and infants aged 24 to 36 months with a median income of 150% or less will be provided with care expenses for their relatives within four cousins of 300,000 to 600,000 won per month, and the right to use private care services if they do not have relatives.

The city will also invest 16.1 billion won (14.6 million U.S. dollars) to implement Seoul as a vibrant city where people can live their daily lives with confidence. Support for breakfast (300 million won), youth mental health (600 million won), hosting the Seoul International Garden Expo (1.3 billion won), walking shoes for a diving bridge (1 billion won), and hosting a water leisure league at the Han River (200 million won) will be newly implemented. The city has set aside 2.5 billion won to improve accessibility to the Han River. It will also invest 1.8 billion won in drug management and prevention education and introduce a psychological treatment support project for victims of school violence.

The three major areas of companion, attractiveness, and safety will be reinforced to accelerate the realization of core values of the municipal government. The social safety net will be strengthened by adding 247.8 billion won to the accompanying metropolitan government. In order to support livelihoods, 150 young people who are or have completed individual rehabilitation will be given 1 million won in subsidies for self-reliance foundation, and support for "companied restaurants" will be expanded to residents of slice rooms. Support for stabilization of housing in the era of high-interest rates will be strengthened by providing 30% of deposit without interest to 1703 households living in youth housing in the station area.

The government will invest 252.5 billion won (25.6 million U.S. dollars) in the attractive metropolitan area that enhances sustainable global competitiveness by revitalizing culture and tourism. It will support the opening of the Byeolnae Line wide-area railway and extend the disconnected section of the Tongil-ro Central Bus. In order to make winter a peak season for tourism, the government will prepare tourism contents such as "Gwanghwamun Plaza New Year's Festival" and create a state-of-the-art lifestyle experience exhibition hall at the Dongdaemun Design Plaza (DDP).

In the field of safety, 143.9 billion won was allocated to create a safe environment, such as replacing old infrastructure and strengthening the foundation for responding to disasters. It replaced 298 old trains on lines 5 and 8, which became durable, and allocated 51.1 billion won and 21.2 billion won to reinvest old facilities on lines 1 and 8, respectively.

Finally, the city set aside additional funding for TBS and Seoul National University, where the budget had been drastically reduced. TBS reflected the budget of 7.3 billion won to stabilize operations and implement the innovation plan to become a broadcasting station for citizens. University of Seoul has allocated 14.7 billion won to support scholarships and purchase equipment to help stabilize the operation.

Date: 2023-05-30

Reporter: 서화목