Calls are continuing to grow to utilize the more than 1 trillion won collected annually in traffic fines and penalties as a financial resource for traffic safety projects. The proposal is to establish a special account, similar to advanced countries like the United Kingdom and Japan, to make concentrated investments starting from regions that lack safety facilities due to financial difficulties. A special account is a type of “dedicated bank account” managed separately from general budgets so that the money is used exclusively for its designated purpose.

Woo Seung-guk, head of the Road and Traffic Research Division at the Korea Transport Institute, announced at a joint legislative debate held last month on the 21st by the National Assembly Traffic Safety Forum and the General Insurance Association of Korea that “investing 6.0 billion won in traffic safety budget has the effect of reducing fatalities per 100,000 people by one.” Applied to South Korea's population, this amounts to about 510 people annually, which is 20.0% of last year's traffic accident fatalities (2,549 people).

According to Dr. Woo's research, if a special account is introduced and 3.2 trillion won is invested over five years, the social benefits gained from reduced accidents are estimated to reach 6.6 trillion won—double the investment. In the UK and Japan, which actually operate such special accounts, the traffic accident fatalities per 100,000 people are 2.5 and 2.6, respectively, which is about half the level of South Korea (4.9).

According to the Korean National Police Agency, traffic fines and penalties levied from January to July this year totaled 857.2 billion won. At this rate, they are expected to reach 1.5 trillion won by the end of the year. Since 2023, the fines and penalties collected every year have maintained over 1.3 trillion won, which experts suggest can serve as a stable financial resource. Currently, this money goes into the national treasury and mixes with the general budget, making it difficult to trace separately where it is spent. At the debate, a proposal was raised to use 70% of the collection amount temporarily for five years and then decide whether to extend it based on the effects.

The research team proposed using these funds to support transportation costs for elderly drivers who voluntarily return their driver's licenses and to distribute devices that prevent pedal misoperation. Facility improvements, such as newly designating senior protection zones and repainting faded road markings, were also included. Dr. Woo stated, “Road safety budgets are not wasted money, but investments that can save lives,” adding, “We must introduce a special account to resolve the safety polarization.”

Lim Dong-wook, head of the Traffic Safety Division at the Korea Transportation Safety Authority, explained the accident-prevention effects of advanced devices such as AI safe-driving monitoring systems and pedal misoperation prevention devices in his subsequent presentation. Lee Yoon-ho, secretary-general of the Safe Life Action Solidarity, stated, “If we clearly state the purpose of use for the special account, we can increase public acceptance and compliance with the law.”

In fact, from 2002 to 2006, a “Traffic Management Improvement Special Account” was operated temporarily, carrying out projects nationwide such as safety improvements in child protection zones and the installation of pedestrian walkways and unmanned enforcement cameras. In both the 20th and 21st National Assemblies, bills proposing to use traffic fines and penalties for traffic safety were continuously introduced across both ruling and opposition parties. The reason was that using money collected for traffic safety without distinguishing its purpose did not align with the purpose of collection, but the bills repeatedly fell through due to opposition from ministries sensitive to the budget.

In the 22nd National Assembly, lawmaker Sung Il-jong of the People Power Party and lawmaker Yu Dong-soo of the Democratic Party of Korea are serving as co-representatives of the Traffic Safety Forum and are pushing for legislation. The Forum and the General Insurance Association plan to actively support the introduction of the special account by consulting with relevant ministries and experts.

[ⓒ Global Economic Times. 무단전재-재배포 금지]