Govt. sets aside W64tr for social security budget

By a2016032

Published : Apr 28, 2017 - 09:37 Updated : Apr 28, 2017 - 09:37

The government said Friday it plans to spend 64 trillion won ($56.4 billion) this year to make sure a more comprehensive social safety net is provided for vulnerable people and the elderly.

The Social Security Committee, a government body affiliated with the Prime Minister's Office, unveiled a plan which outlines some 177 tasks and measures that will be carried out by the government to bolster the local social security system.

(Yonhap)

Seoul has vowed to improve the social safety net for different age groups and help older people stay financially independent through job creation. Establishing a more sustainable social security system has also been another key agenda.

The committee said it will set up a consultation panel consisting of experts from both the public and private spheres to discuss the main agenda and expenditure estimates. (Yonhap)