Korea to offer W5m stipend to 1,000 science masters

To support the growth and development of science and technology talent, the South Korean government and the ruling party announced Thursday that it will launch a new program to provide 5 million won ($3,800) a year to 1,000 masters in science and engineering.

The government and the People Power Party held a consultation meeting at the National Assembly to discuss the “Strategy for the Growth and Development of Science and Technology Talents.”

According to the plan, the party will provide a “Korean-style stipend” to pay science and engineering students and encourage research next year. Master's and doctoral students will receive 800,000 won and 1.1 million won per month, respectively.

In addition, a new specialized master's scholarship will be launched to provide 5 million won per year to 1,000 master's students.

The government will also consider extending the shortened working hours and expanding the discretionary work system to prevent female scientists and engineers from ending their careers.

Such plans come after a grim forecast that the number of master's and doctoral students in science and technology will be more than halved by 2050, from about 120,000 to 50,000, due to the declining school-age population, according to Kim Sang-hoon, chairman of the policy committee. At this rate, it will be difficult to operate science and technology labs in the 2050s.

Such plans will be discussed and finalized at the third Talent Development Strategy Meeting scheduled to be held Friday.