Rival parties says they have agreed to pass the government’s budget plan for next year on Friday.

Floor leaders of the ruling Democratic Party and the main opposition Liberty Korea Party(LKP) announced the agreement Thursday alongside Economy and Finance Minister Kim Dong-yeon. 

The move, however, has triggered a strong protest from three minor opposition parties, who have been calling for a parliamentary representational reform in return for passing the budget plan. The minor parties, Bareunmirae Party, Party for Democracy and Peace, and Justice Party, called the agreement a collusion between the two largest parties. 

The DP and the LKP agreed to pass the 470-point-five trillion won budget plan on the condition that five trillion won less funding would be earmarked for projects, including job creation initiatives, the Inter-Korean Cooperation Fund and other projects. 

The two parties also agreed to downsize the government’s plan to hire new officials next year. 

They also agreed to remove income thresholds for the monthly childcare allowance from January and will expand the duration of the benefits to up to 84 months from the current 60 months. 

Bipartisan agreement was also made on increasing the amount of unemployment benefits from 50 percent of average incomes to 60 percent and extending the benefits’ duration by a month to up to 270 days.

[Photo : YONHAP News]