Go to Contents Go to Navigation

'Park Geun-hye welfare law' goes into effect

All Headlines 10:33 January 27, 2013

SEOUL, Jan. 27 (Yonhap) -- A law calling for South Korea to update and redesign welfare policies every five years went into effect on Sunday, laying the groundwork for President-elect Park Geun-hye to realize her ideas on improving social security in the country.

The "social security basic law" is also known as the "Park Geun-hye welfare law" as she introduced the bill as a lawmaker in the previous parliament. The bill passed through the National Assembly in December 2011 and took effect after a year of preparation period.

The law calls for the central government to draw up a "basic five-year social security plan" specifying key welfare policies and measures to raise funds for them. Under that plan, regional governments will put together their own five-year policy plans.

The first five-year period is set for 2014-2018.

The social security commission to be established under the prime minister's office will oversee the formation and implementation of the five-year plans.

"We will draw up a five-year plan after the new government is launched and the social security commission is formed," an official of the incoming administration said.

The five-year plan harks back to "five-year economic development plans" that Park's father, former President Park Chung-hee, repeatedly supported. The plans are credited for helping pull South Korea from the ashes of the Korean War and lay the groundwork for its industrialization.
(END)

HOME TOP
Send Feedback
How can we improve?
Thanks for your feedback!