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Gov't Draws up Budget for 2019 with Focus on Job Creation

Written: 2018-08-28 10:22:13Updated: 2018-08-28 18:17:42

Photo : YONHAP News

Anchor: The government on Tuesday presented a 470-point-five trillion won budget plan for 2019, up about ten percent from this year. The budget allocated for job creation saw a record increase as the nation strives to boost the sluggish job market. 
Our Lee Bo-kyung has more. 

Report: The government on Tuesday passed its budget plan for 2019 during a Cabinet meeting at the presidential office. The budget proposal will be submitted to the National Assembly on Friday for approval. 

The government drew up a 470-point-five trillion won budget for next year, up nine-point-seven percent or 41-point-seven trillion won from this year. It’s the largest growth since 2000, except in 2009 when it increased ten-point-six percent. 

The government allocated 162-point-two trillion won for health, welfare and labor, which includes the job budget, up 12-point-one percent from this year. 

The job-related budget received 23-and-a-half trillion won, up a record 22 percent from this year. The growth rate is much larger than the previous record of 14-point-one percent set in 2016. 

The government will spend 12-point-seven trillion won to improve income distribution and enhance the social safety net, while allocating an additional 200 billion won to support young people seeking jobs.

The government also increased the budget for education by ten-point-five percent with an allocation of 70-point-nine trillion won, and the defense budget by eight-point-two percent to 46-point-seven trillion won. The defense budget marked the largest growth rate since 2008. 

The overall budget for social overhead capital decreased by two-point-three percent, but the budget for culture and sport facilities and urban development increased by 50 percent to eight-point-seven trillion won. 
Lee Bo-kyung, KBS World Radio News.

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