As concerns arise within the Democratic Party of Korea regarding excessive deposit fees, the party's central election management committee announced it will hold a full meeting on July 21 to revisit the issue.
According to Yonhap News, a committee official stated on July 19, "There are worries that the deposit fees for youth candidates are too high," adding, "We plan to hold another committee meeting to decide on our policy."
Previously, the committee set the deposit fees at 100 million won for party leader candidates and 50 million won for candidates for the Supreme Council, with a 50% reduction for youth candidates outside the National Assembly.
In relation to this, Jeong Min-cheol, a candidate for the Supreme Council and vice chair of the policy committee, shed tears while discussing the deposit issue during a live broadcast on his YouTube channel, 'Is It True, Jeong Min-cheol?' on July 18. He revealed that he had shared his personal bank account to raise funds for the deposit, but acknowledged that this could violate political funding laws and expressed his intention to return the funds, indicating he had not conducted proper legal reviews. Jeong is considered a candidate aligned with the pro-Lee Jae-myung faction.
In response, Kim Min-seok, a former Prime Minister and a candidate for party leadership, and Song Young-gil, a member of the National Assembly, criticized the election committee. Kim argued, "If we are worried about candidate proliferation, we should consider qualifications other than money," while Song pointed out, "How can a party that raises youth deposit fees claim to be a youth party?"
President Lee Jae-myung also weighed in, stating, "Current lawmakers, especially conservatives, have less burden with political funding, but for those outside the Assembly, particularly the youth, the burden is significant. Since the party is not facing financial difficulties, and considering the challenges youth face, it might be worth considering reverting the deposit fees to previous levels."
During President Lee's tenure, the deposit fees for the party convention were reportedly set at 40 million won for party leader candidates and 15 million won for Supreme Council candidates.
* This article has been translated by AI.
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