The Straits Times
Published on Jan 01, 2013

S. Korea parliament approves welfare-focused 2013 budget


SEOUL (AFP) - South Korea's parliament on Tuesday approved a revised government budget for 2013 that focuses more on welfare in response to the next president's pledge to increase social spending.

The legislature ratified total spending of 342 trillion won (S$393 billion), down from the government's proposal of 342.5 trillion.

It marked the first time in South Korea's history that a budget bill has been approved after the beginning of the fiscal year, which is the same as the calendar year.

The revised budget calls for cutting defence expenditure while spending more on social welfare and public construction projects.