April 26, 2024

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[THE INVESTOR] The Ministry of Strategy and Finance has drawn up the government’s proposal for next year’s spending on on June 12, at a size of 424.5 trillion won, 6 percent larger than that of this year‘s.

One of the largest increases of 8.9 percent is to be made on public welfare, health and employment, boosting the spending to 141.1 trillion won.

On the other hand, environmental and cultural spending will be cut by 3.9 percent and 5 percent. The largest budget decrease will be made on social overhead capital with a 15.5 percent fall.

The government is to finalize and submit the budget request to the National Assembly by Sept. 1.

(theinvestor@heraldcorp.com)