S. Korea's annual obligatory welfare spending to rise by US$ 33.6 billion by 2024

복지 의무지출 4년간 40조 증가 전망…노인부문 연 8.5%↑The amount spent every year by the South Korean government on welfare obligations... is expected to rise over the next four years by about 33-point-six billion U.S. dollars.That's the projection from the finance ministry assuming the existing laws and systems stay the same.The amount budgeted for obligatory welfare spending this year was roughly 100 billion dollars.The figure is expected to rise by an average of seven-point-six percent per year and reach about 135 billion dollars in 2024.By sector, public pensions, which account for the majority of the spending, are expected to rise at seven-point-eight percent per year.And as Korean society ages, spending on senior citizens is projected to rise eight-point-five percent per year.