Finance Minister Hong Nam-ki said he will oppose increasing the government's 14-trillion-won supplementary budget proposal, even if the rival political parties agree to do so.

At a parliamentary finance committee meeting on Friday, Hong said the National Assembly should respect and take into account the government's decision, citing the budget's impact on the overall economy, including prices and the bond market.

The minister also rejected a proposal to adjust state expenditure, saying it would be inappropriate to reduce the regular budget before implementing it at the start of a new year.

The ruling Democratic Party(DP) is pushing to expand the extra budget to 35 trillion won to provide COVID-19 compensation to around two million additional workers, including freelancers and employed taxi drivers.

The main opposition People Power Party(PPP) is calling for an even greater additional budget of 50 trillion won, including raising relief payments to small businesses to ten million won.