(MENAFN- QNA) South Korea plans to raise its budget for welfare programs by more than 10% in 2015 from a year earlier in an effort to establish a better social safety net and revitalize the economy, the government and ruling party said Wednesday.
South Korean news agency Yonhap quoted an official from Saenuri party saying that the burden for the low-income bracket has been increasing due to the slowing economic growth. He added that the plan to raise the welfare budget by 10% is to deal with that problem.
The increased rate for the welfare budget will hover far above the 5% rise slated for the combined state expenditure estimated for next year. It will also mark the first time since 2009 that the government has increased the welfare budget at a two-digit rate.
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