SEOUL, July 4 (Korea Bizwire) — A parliamentary subcommittee passed an extra budget bill worth 31.8 trillion won (US$23.3 billion), lawmakers said Friday, with the ruling Democratic Party (DP) vowing to unilaterally pass the bill at the National Assembly’s plenary session later in the day. Lawmakers of the main opposition People Power Party (PPP) walked [...]
SEOUL, Dec. 17 (Korea Bizwire) — Acting President Han Duck-soo said Tuesday the government will work to implement the 2025 budget on the first day of next year to help stabilize the economy amid rising uncertainties at home and abroad. Han called for the swift allocation of the budget during the first Cabinet meeting since [...]
SEOUL, Aug. 27 (Korea Bizwire) – The government on Tuesday proposed a budget of 677.4 trillion won (US$509.71 billion) for next year as it seeks to increase welfare spending for vulnerable people and prop up economic growth while ensuring fiscal health. The proposed budget for 2025, endorsed by the Cabinet on the day, marks a [...]
SEOUL, Apr. 3 (Korea Bizwire) — The government plans to draw up its largest-ever budget for research and development (R&D) projects next year, the presidential office said Wednesday. Park Sang-ook, senior presidential secretary for science and technology, said the government is working to overhaul the way it supports R&D projects while “sharply increasing” the relevant [...]
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 [...]
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 [...]
SEOUL, Aug. 31 (Korea Bizwire) — South Korea plans to spend about 12 trillion won (US$10.3 billion) next year on reducing greenhouse gas emissions and responding to the climate crisis to pursue carbon neutrality, the government said in its 2022 budget plan released Tuesday. The plan calls for allocating 8.3 trillion won to low-carbon projects [...]
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 [...]
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 [...]
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 [...]