Seoul: Prime Minister Kim Min-seok announced plans on Tuesday to elevate South Korea's social security expenditures to match those of advanced nations by the year 2040, as part of a strategic response to the country's evolving demographic and social challenges.
According to Yonhap News Agency, during a meeting of the social security committee, Kim emphasized that although South Korea has been increasing social welfare spending, it still lags behind the average of the Organization of Economic Cooperation and Development (OECD) member countries. The Prime Minister acknowledged the persistent expansion efforts but highlighted the need for further growth to reach international benchmarks.
In his opening remarks, Kim addressed the ongoing difficulties faced by citizens due to the prolonged Middle East conflict, stressing the importance of establishing a sustainable social security system amidst such national crises. He articulated the government's commitment to developing mid- and long-term policy directions to alleviate the impact on people's livelihoods.
Kim also announced a shift from selective to universal welfare, aiming to guarantee welfare for all citizens. He outlined a proactive approach where the government would directly support those in need, moving away from reliance on application-based welfare systems. The Prime Minister expressed his vision for creating a stable welfare society that would not only support economic development but also ensure that the benefits of growth are reinvested into welfare programs.