The times are chaining in South Korea. I suspect the changes in defense expenditures will have an impact on Korean military transformation and the development of its independent warfighting capabilities by 2015. Not discussed in the article is the funding for relocating the US military headquarters from Yongsan to Pyongtaek. Perhaps some rational thought will now be given to not dissolving the ROK-US Combined Forces Command in 2015.
The budget would permit the government to push forward various welfare programs, including free childcare for all families with children up to five years old and subsidizing college tuition and social security insurance premiums shouldered by the lower class.
Instead, lawmakers substantially slashed proposed budget for various defense projects, including next-generation fighter jets, K-2 tanks, air-to-ground guided missiles and large attack helicopters.
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Salaries for soldiers will go up 20 percent on-year in 2013, with Park having pledged to double salaries in three years.
V/R
Dave
2013/01/01 08:21 KST
(LEAD) Parliament approves 2013 gov't budget after beginning of fiscal year
SEOUL, Jan. 1 (Yonhap) -- The National Assembly passed the government's 2013 budget bill early Tuesday morning after rival parties belatedly reached a compromise on how to fund President-elect Park Geun-hye's campaign pledges to increase welfare spending and help needy people.
The one-house legislature approved the 342 trillion won (US$321.73 billion) budget, a net decline of about 500 billion won from 342.5 trillion won in the initial government proposal.
The budget plan passed the main floor session in a 202-40 vote about six hours after the dawn of the new year, though the ruling Saenuri Party and the main opposition Democratic United Party (DUP) had already struck a deal on key issues earlier this week.
The two sides were locked in a bitter tug-of-war over how to fund the controversial project to build a naval base on the southern resort island of Jeju, even after the bill passed the parliamentary budget committee late Monday night to be up for discussion in the full floor session.
It marks the first time in the country's history that a budget bill has been approved after the beginning of the fiscal year.
South Korean law obliges the parliament to pass its annual budget bill by Dec. 2 to allow 30 days of preparation for the bill's implementation. Rival parties have failed to meet that deadline since 2002.
The total amount, originally expected to be larger than the government proposal, became smaller as lawmakers adjusted down expenditures for national defense and security and some state programs, among others, to increase welfare spending.
The budget would permit the government to push forward various welfare programs, including free childcare for all families with children up to five years old and subsidizing college tuition and social security insurance premiums shouldered by the lower class.
(Continued at the link below)
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