Gov't will frontload US$ 157 bil. of 2019 budget during H1: Finance minister
- 5 years ago
홍남기 ' 1월중 최저임금 결정구조 개편안 확정...중앙재정 조기집행'
South Korea's new finance minister says the government will frontload more than 60 percent of its spending in the first half of the year.
Speaking on Friday at a meeting of economy-related ministers, Hong Nam-ki said the government will spend 157 billion U.S. dollars in the first half to improve people's livelihoods, create new jobs and boost social infrastructure.
He added the government will announce its draft plan to overhaul the way the minimum wage is decided by next week.
That's so it can be in place before the rate is set for next year.
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.
South Korea's new finance minister says the government will frontload more than 60 percent of its spending in the first half of the year.
Speaking on Friday at a meeting of economy-related ministers, Hong Nam-ki said the government will spend 157 billion U.S. dollars in the first half to improve people's livelihoods, create new jobs and boost social infrastructure.
He added the government will announce its draft plan to overhaul the way the minimum wage is decided by next week.
That's so it can be in place before the rate is set for next year.
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.