S Korea launches 11.2t won fiscal package to boost jobs, welfare

Sejong

SOUTH Korea's new government announced a 11.2 trillion won (S$13.8 billion) fiscal stimulus package on Monday, increasing social welfare subsidies and taking steps to deliver on President Moon Jae-in's election promise to create 810,000 public sector jobs.

But Mr Moon's ruling Democratic Party faces a challenge passing the extra budget bill as it only holds 40 per cent of the 299 seats in the National Assembly and would need the support of more than 30 opposition lawmakers.