Korea Next to Last in Social Welfare Spending. By Lee Hyo- sik. Staff Reporter. South Korea ranked 2. OECD member economies in social welfare spending, indicating the nation has a long way to go before turning itself into an attractive place to live, the Korea Institute for Health and Social Affairs (KIHASA) said Friday. But expenditure has been increasing at a fast pace over the past few years in line with the rapidly aging population and falling birthrate. The institute said the government, businesses and individuals here spent a combined 1. GDP). The 1. 0. 9. OECD average of 2. Korea lags far behind other advanced economies, with only Mexico spending less on various social welfare programs and services in proportion to its GDP among OECD member countries. Sweden topped the list with its social expenditure reaching a level equivalent to 3. GDP, closely followed by France at 3. Social welfare expenditure is composed of three categories: a state- sponsored social safety net; corporate pensions and other institutionalized private- sector welfare schemes; and donations, volunteer activities, corporate social contributions and other voluntary social welfare. Korea's public- sector welfare accounted for 7. The country's ratio of public- sector social spending to GDP stood at 8. OECD average of 2. On the other hand, the income gap and poverty among the elderly are relatively high in Korea, Britain and the United States. Among the OECD members, only Mexico (1. Ireland (1. 3. 3) posted a larger spending increase. Gho said Korea's welfare spending will continue to show an upward curve down the road, with the government having to spend more to care for the elderly and encourage people to have babies. To better help the socially weak, companies should boost their corporate social offerings, while individuals should make greater donations and engage in volunteer activities. Military expenditure (% of GDP). Percent change compared to previous year. Pension funds: Benefits and Contributions. Contributions as a % of GDP. Gross domestic product (GDP), SNA93. The remaining 11 percent was spent on. Means-tested welfare spending was 1.2 percent of the gross domestic product. Korea Next to Last in Social Welfare.This table includes data on total government social spending as a percentage of GDP. The table is part of the key table collection on social. Data and research on social and welfare issues including families and children. The OECD Social Expenditure Database. Details of UK welfare and. What are the biggest public spending programs in. You can also view the spending data as percent of Gross Domestic Product.
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