SEOUL, Sept. 11 (Yonhap) — South Korea was one of the smallest investors in families among member states of the Organization for Economic Cooperation and Development (OECD) in 2013, a report showed Monday.
The country allocated 1.13 percent of its gross domestic product (GDP) to family benefits spending, and therefore ranks 32nd among 35 OECD member states surveyed, according to the OECD report.
The family benefits cited by the report consist of public money allocated to enhance family units, including financial support that is exclusively for members of households and for children.
The OECD’s latest report revealed that South Korea’s spending has gradually increased from 0.06 percent of its GDP in 1995 to 0.68 percent in 2010 and 0.85 percent in 2012.
However, as of 2013, the country was still lagging far behind the OECD average of 2.14 percent, the latest findings showed.
Denmark spent the highest proportion of its GDP on families at 3.66 percent, followed by Iceland with 3.63 percent and Ireland with 3.29 percent, the report added.