In terms of the tax burden compared to social security benefits, 43.1 percent mentioned that they were paying ‘somewhat too much’, and 23.8 percent expressed ‘too much.’ A total of 66.9 percent of the respondents, or two out of three, believed their tax burden exceeds the benefits they receive. (Image credit: Kobiz Media/Korea Bizwire)
SEOUL, Sept. 18 (Korea Bizwire) – A recent survey showed that about two out of three Koreans believe they are paying too much in taxes compared to the social security benefits they receive.
The share of those who said they would not like to pay more taxes or social insurance fees even if welfare benefits were increased was higher than that of those who were willing to pay more if welfare benefits increased.
Among the beneficiaries of the welfare system, the predominant opinion was to increase welfare support for infants, children, elementary school students, individuals with disabilities, and the elderly.
The Korean Institute for Health and Social Affairs published the report titled ‘Analytical Research for Detecting and Responding to Social Security Fiscal Crisis’ on Sunday. This report included the survey titled ‘Perception Survey on Social Security Demand and Expenditure Burden Levels.’ According to the survey results, it was found that South Koreans hold these perceptions about the social security system.
The research team commissioned the Korea Data Research Center to conduct an online questionnaire survey of 3,038 individuals between 19 and 79 years of age during the period from September 7 to October 4, 2022.
In terms of the tax burden compared to social security benefits, 43.1 percent mentioned that they were paying ‘somewhat too much’, and 23.8 percent expressed ‘too much.’ A total of 66.9 percent of the respondents, or two out of three, believed their tax burden exceeds the benefits they receive.
Even for social insurance premiums, 42.6 percent and 23.3 percent mentioned that they were paying ‘somewhat too much’ and ‘too much’, respectively. In other words, 65.9 percent of the respondents believed that insurance premiums were excessive.
J. S. Shin (js_shin@koreabizwire.com)
