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S Korea's opposition unveils plan to bankroll welfare programs

08-29-2011 16:23 BJT

SEOUL, Aug. 29 (Xinhua) -- South Korea's main opposition Democratic Party unveiled a plan Monday to bankroll its welfare initiatives, as the liberal party seeks to retake power in next year's presidential poll.

The party said in a report that it can amass some 33 trillion won per year through spending cuts, tax reform and realignment of welfare policy priorities without increasing the tax burdens on the public.

The Democrats, once in power, will scrap tax cuts for the rich, cancel large-scale construction projects and adjust health insurance rates to foot the bill for welfare policies they envisage, the report said.

The party is seeking to introduce a range of welfare programs, including free meals at school and halved college tuition. Part of the estimated 33 trillilon won will also be allocated for low- income families, the disabled and elderly, according to the report.

The liberal opposition recently won a victory against former Seoul Mayor Oh Se-hoon's attempt to stop the implementation of the Democrats-controlled Seoul city council's decision to offer free lunch at all elementary schools in the capital city starting later this year.

Editor:Wang Xiaomei |Source: Xinhua

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