Defense Budget Raised 7%, Highest in 9 Years

Write : 2017-12-06 10:56:41 Update : 2017-12-06 15:03:44

Defense Budget Raised 7%, Highest in 9 Years

South Korea will raise its military budget to 43-point-two trillion won, or almost 40 billion dollars next year.
 
The budget plan was approved by the National Assembly earlier Wednesday and represents a seven percent on-year hike, the biggest since 2009.
 
The increase is attributed to heightened missile and nuclear threats from North Korea and the need to support the Moon Jae-in administration's campaign to beef up the country's defense capabilities against the North.
 
The military will also raise the monthly wage for its soldiers.
 
The monthly pay for Army sergeants is set to nearly double from 216-thousand won to 405-thousand-700 won in 2018.

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