Gov’t exceeds spending plan for first five months

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Gov’t exceeds spending plan for first five months

Korea spent more of its state budget in the first five months of the year than originally planned as it moves to maintain its recovery and create more jobs, the finance ministry said on Friday.

About 142 trillion won ($127 billion) was spent through May, 13.9 trillion won more than the expected spending of 128.4 trillion won originally set aside for the cited period, according to the Ministry of Strategy and Finance.

The ministry said earlier it plans to frontload its budget spending to minimize any fallout from the move to raise the minimum wage and boost job creation.

The government raised the minimum wage by 16.4 percent to 7,530 won as of Jan. 1 this year, the biggest increase in about two decades. The government earmarked 3 trillion won to reduce the burden on smaller businesses that mostly hire part-time workers.

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