Seoul plans record spending to fund welfare, create jobs

Seoul

SOUTH Korea's government plans to boost spending to a record 429 trillion won (S$516.7 billion) next year as policymakers step up fiscal stimulus to buttress overall economic growth by funding rising welfare costs, creating jobs and stoking domestic consumption.

Total spending for 2018 will increase 4.6 per cent from a targeted 410.1 trillion won for this year, which includes an 11 trillion won supplementary budget approved in July.

"We proposed it to be expansionary to support the new administration's policy pledges, as well as to aid job creation and growing n…