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Title Vol. 85 Analyses of Social Security Policies (English Edition)

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    69
  • Date
    2020-06-19
In 2020, the amount of social security expenditure of Korea is KRW 192.8 trillion based on the government finance level or KRW 267.4 trillion when adding up National Health Insurance and Long-Term Care Insurance for the Elderly. It has grown at an average annual rate of 10% since 2016, and is growing at a rate faster than the total government spending.
In order to secure fiscal sustainability, it is necessary to discuss how to finance increasing social security spending at a social level, and prepare appropriate countermeasures for each system to resolve blind spots.
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