Foreigners who stay in South Korea for only a short period will no longer be able to exploit the system to receive pension benefits by making retroactive contributions to the National Pension. The Ministry of Health and Welfare and the National Pension Service announced that they have significantly strengthened the requirements for foreign contributions, shifting the criteria from mere registration to actual residency, and will implement a reciprocity principle that grants benefits only to forei

The government plans to establish a 'Future Response Fund' worth 162.3 trillion won for the upcoming year. This fund aims to invest in youth, local areas, growth drivers, education, and talent development by setting aside additional tax revenue from the booming semiconductor market. It is designed to allow for flexible responses to changes in fiscal conditions, such as tax revenue shortfalls. However, there are concerns that the government’s discretion in managing over 100 trillion won in surplu

The Ministry of Oceans and Fisheries has proposed a budget of 8.2636 trillion won for the upcoming year, marking a 10.8% increase from this year's budget of 7.4583 trillion won. This is the highest growth rate since the ministry's re-establishment. The budget will focus on developing marine capital, restructuring the fishing industry, responding to the Arctic route, and the digital transformation of the marine industry.According to the ministry, the total expenditure budget is set at 8.014 trill

The South Korean government will invest 1.5 trillion won annually starting next year to develop a semiconductor cluster in the Gwangju and Jeonnam integrated region. Anchor companies making large-scale investments in non-capital region growth engines will receive up to 50% support for their facility investments. The plan focuses on the transition of manufacturing to artificial intelligence (AI) and region-led growth.The Ministry of Trade, Industry and Energy announced on September 1 that it has

The Ministry of Agriculture, Food and Rural Affairs has proposed a budget of 22.2215 trillion won for 2027, marking a 10.4% increase from this year. This increase is the largest since 2000, both in terms of amount and percentage. The budget includes over 3 trillion won for public payments and a significant expansion of the rural basic income pilot program, along with new initiatives such as price stabilization measures and physical AI.On September 1, the ministry announced that the proposed budg

Starting next year, 160,000 young people without job experience will receive a monthly job promotion allowance of 650,000 won. Youth aged 19 to 34 will receive an annual cultural arts pass, and couples who register their marriage will receive 1 million won, expanding support for youth from employment to asset formation, housing, marriage, and childbirth.The government approved the '2027 budget proposal' during a Cabinet meeting chaired by President Lee Jae-myung at the Blue House on September 1.

The government has proposed a budget of 820.9 trillion won for next year, marking an increase of 93 trillion won from this year's main budget, with a record growth rate of 12.8%. The plan focuses on investing the increased tax revenue from the semiconductor boom into artificial intelligence (AI), youth initiatives, and regional development.On September 1, President Lee Jae-myung chaired a Cabinet meeting at the Blue House, where the '2027 Budget Proposal' was approved. This budget represents the

A Jeju police officer has been arrested for allegedly falsifying the closure of missing person reports due to increased workload and the burden of case handovers.On September 1, the Jeju Police Agency transferred Officer A from the Jeju Western Police Station to prosecutors on charges of dereliction of duty and other offenses.According to police, Officer A is accused of misleading the family of a missing woman in her 30s by claiming to have confirmed her safety without actually contacting her. T

The People Power Party criticized the resignation of Kim Yong-beom, the chief policy officer at the Blue House, on September 1, calling it a "cover-up." They argued that due to significant investor losses from single-stock leveraged exchange-traded funds (ETFs), a national investigation and special prosecutor should follow.Party leader Jang Dong-hyuk emphasized on his Facebook that "cutting off the tail does not eliminate the body," noting that the losses to the public amount to 54 trillion won.