Gov't will frontload US$ 157 bil. of 2019 budget during H1: Finance minister
- 5 years ago
South Korea's new finance minister has revealed the government will frontload more than 60 percent of the central government's 2019 budget in the first half of the year.
Speaking at an economy-related ministers' meeting on Friday, Hong Nam-ki said the government will spend 157 billion U.S. dollars in H1 to improve people's livelihoods, create new jobs and boost social infrastructure.
He added the government will announce its draft plan on overhauling the way the minimum wage is decided by next week.
That's so it can be in place before the rate for next year is set.
The minister vowed last month to moderate the pace of wage increases in the face of a growing backlash over the double digit hikes in 2018 and 2019.
Speaking at an economy-related ministers' meeting on Friday, Hong Nam-ki said the government will spend 157 billion U.S. dollars in H1 to improve people's livelihoods, create new jobs and boost social infrastructure.
He added the government will announce its draft plan on overhauling the way the minimum wage is decided by next week.
That's so it can be in place before the rate for next year is set.
The minister vowed last month to moderate the pace of wage increases in the face of a growing backlash over the double digit hikes in 2018 and 2019.