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Korea's social security spending lowest among OECD members

All Headlines 17:01 January 05, 2014

SEOUL, Jan. 5 (Yonhap) -- South Korea's ratio of social security spending to its overall expenditure is the lowest among 30 member states of the Organization for Economic Cooperation and Development (OECD) while it tops the list for spending on economic affairs, a report based on 2011 findings said Sunday.

The "Government at a Glance" report said the South Korean government's spending on social security accounted for 13.1 percent of its entire expenditure in the year.

Among comparable countries, Denmark spent the most on social security, 43.8 percent of its overall spending, trailed by Germany with 43.3 percent and Luxembourg with 43.2 percent.

Finland was close behind with 43.1 percent. Japan's figure was 42.7 percent.

The report is issued every other year after comparing situations and achievements of the OECD member nations' governments.

In sharp contrast to social protection, South Korea's spending on economic affairs ranked first among the member countries, accounting for 20.1 percent of its overall expenditure.

South Korea was followed by Ireland with 16.4 percent, Hungary with 14.4 percent and Britain with 5.3 percent.

South Korea spent 15.8 percent on education and 15.2 percent on public services.

The OECD members spent an average 35.6 percent on social security and an average 12.5 percent on education.

Their average expenditure on economic affairs was tallied at 10.5 percent.

The percentage of South Korea's spending to its gross domestic production (GDP) was 30.2 percent, placing it second to last following Denmark with 57.6 percent.

South Korea was in the low score group on the level of public trust in the government, measuring 23 percent. It was comparable to Hungary (21 percent), Japan and the Czech Republic (17 percent) and Greece (13 percent).

ksnam@yna.co.kr
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