2014 Budget for Welfare Expected to Exceed 100 Tril. Won
2014 Budget for Welfare Expected to Exceed 100 Tril. Won
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.07.10 22:39
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SEOUL, KOREA- The 2014 budget for welfare items (including health care programs and unemployment benefits) is expected to surpass the 100-trillion-won level for the first time in history. The Ministry of Strategy & Finance revealed on July 9 the next year's budget items requested by ministries. The total requested volume of budget is 364.7 trillion won, up 6.6 percent from this year's 342.0 trillion won.
By item, welfare took the largest portion with 108.4 trillion won, 11.3 percent higher than this year's 97.4 trillion won. It includes the 5.4-trillion-won increase (from this year's 3.2 trillion won) set aside for senior citizens without a national pension account. For budget support to pension schemes such as the National Pension, Teachers' Pension, Government Employees Pension, and Military Pension, the government earmarked 29.3 trillion won for the 2014 fiscal year, up 2.3 trillion won from 2013.
As for the budget planned for education, it was set at 58.3 trillion won, up 17.3 percent from this year. The educational budget has the highest growth rate among all categories. This is because of a 5-trillion-won rise in grant to local governments and an increase of 1.6 trillion won for preschoolers in their age between 3 and 4. All told, the budget for welfare and education, at 166.7 trillion won, took the share of 45.7 percent, 3.2 percentage points higher than this year's 42.5 percent.

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