budget Archives | Be Korea-savvy
PPP to Request Gov’t Increase Budget to Improve Working Conditions of Young Scientists

PPP to Request Gov’t Increase Budget to Improve Working Conditions of Young Scientists

SEOUL, Nov. 3 (Korea Bizwire) — The ruling People Power Party (PPP) has officially requested the government increase budgets in research and development to improve the working conditions of young scientists, a lawmaker said Friday. The request comes amid criticism of the government’s double-digit percentage cut in the R&D budget, originally planned to improve inefficiencies [...]

S. Korea to Spend Largest-ever Budget to Boost Seafood Consumption amid Fukushima Woes

S. Korea to Spend Largest-ever Budget to Boost Seafood Consumption amid Fukushima Woes

SEOUL, Sept. 5 (Korea Bizwire) — The South Korean government decided to spend a record budget this year to prop up consumption of seafood amid public concerns over its safety following Japan’s release of contaminated water from its crippled Fukushima nuclear power plant into the ocean, the oceans ministry said Tuesday. The Cabinet endorsed a [...]

Record Budget of 31.3 tln Won Earmarked for 2022 Employment Programs

Record Budget of 31.3 tln Won Earmarked for 2022 Employment Programs

SEOUL, Aug. 31 (Korea Bizwire) — The government has earmarked a record budget of 31.3 trillion won (US$26.8 billion) in next year’s state budget to create new public sector jobs and offer subsidies for private companies hiring underprivileged youths, according to officials Tuesday. The envisioned budget for job creation represents a 4 percent increase from [...]

S. Korea to Set Aside 6.3 tln Won in 2022 Budget for New Industries

S. Korea to Set Aside 6.3 tln Won in 2022 Budget for New Industries

SEOUL, Aug. 30 (Korea Bizwire) — South Korea will increase its spending on chips, bio-health and next-generation vehicles by 43 percent next year as the country seeks to nurture new industries, the country’s finance minister said Monday. Finance Minister Hong Nam-ki said the government will earmark 6.3 trillion won (US$5.4 billion) to support the three [...]

Education Ministry Plans to Use Supplementary Budget to Reduce Classroom Crowding amid Pandemic

Education Ministry Plans to Use Supplementary Budget to Reduce Classroom Crowding amid Pandemic

SEOUL, July 18 (Korea Bizwire) — The Ministry of Education will use a supplementary budget to alleviate classroom crowding in order to bring more students back into school buildings come September amid the COVID-19 pandemic, the ministry’s document has shown. According to the document shared with Yonhap News Agency by Rep. Lee Eun-ju of the [...]

S. Korea to Hike 2021 Promotional Budget for ‘Korean Wave’

S. Korea to Hike 2021 Promotional Budget for ‘Korean Wave’

SEJONG, Sept. 7 (Korea Bizwire) — South Korea will significantly hike its 2021 budget to promote the “Korean Wave,” as Korean pop culture enjoys a growing popularity worldwide, according to the finance ministry Monday. The Ministry of Economy and Finance has set aside 696.1 billion won (US$584.8 million) for next year’s budget to promote the [...]

S. Korea to Spend 171 bln Won Next Year to Develop Homegrown COVID-19 Vaccine

S. Korea to Spend 171 bln Won Next Year to Develop Homegrown COVID-19 Vaccine

SEJONG, Sept. 4 (Korea Bizwire) — South Korea’s finance ministry said Friday it has set aside 170.7 billion won (US$143 million) to help local companies develop homegrown vaccines and treatment drugs next year to fight the coronavirus pandemic. Of the budget, 31.9 billion won will be spent to discover candidate materials for a potential vaccine [...]

S. Korea to Invest 248 bln Won in Smart Farming in 2020

S. Korea to Invest 248 bln Won in Smart Farming in 2020

SEOUL, Sept. 3 (Korea Bizwire) — South Korea plans to allocate a whopping 248 billion won (US$203 million) for next year to nurture the country’s smart farming industry, Seoul’s agriculture ministry said Tuesday. The budget, which must be approved by parliament later this year, marks a more than 50-percent surge from 162 billion won earmarked [...]