01 Jan '12, 1am

S. Korea passes revised budget for 2012

S. Korea passes revised budget for 2012

SEOUL: South Korea's parliament late Saturday passed a revised version of the government's 2012 budget, which now calls for 325.4 trillion won ($282.5 billion) in spending during an election year. The new budget, smaller than the 326.1 trillion won sought by the finance ministry, expands targeted social welfare programmes and tax-credit programmes to encourage job growth. Legislators from both the ruling and main opposition parties had called for more welfare spending in the run-up to a parliamentary election in April and a presidential poll in December. The opposition party boycotted Saturday's vote in protest at an unrelated issue. The revised budget will spend more on university scholarships, childcare programmes and subsidies for farmers and fishermen expected to be hit by the free trade agreement with the United States due to take effect shortly. Prime Minister Kim Hw...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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