ⓒYONHAP News

The presidential office, the Cabinet and the ruling Democratic Party agreed on Tuesday to provide free education for all high school students starting in 2021, starting with high school seniors from this year’s fall semester.

Officials from the presidential office, the cabinet and ruling Democratic Party reached the decision on Tuesday to expand state educational sponsorship from elementary and middle schools to high schools.

Two trillion won, or one-point-75 billion U.S. dollars, of funding will be needed every year when all high school students are not paying tuition.

Under the proposed plan, the central government and regional education offices will jointly take on the burden of related costs until 2024.

The free education plan is also expected to boost the sluggish economy, with an extra 130-thousand won, or around 114 dollars, saved per month for each high school student. Setting aside the possible increase of tax burden on affluent households, a family with one high school student can save one-point-58 million won per year on educational costs.

Democratic Party floor leader Hong Young-pyo vowed to do his best to ensure the National Assembly passes relevant education bills.