Seoul Hikes Defense Budget to Counter N.Korean Missiles

      April 21, 2015 10:46

      Seoul will spend about W8.7 trillion on a defense against North Korean ballistic missiles over the next five years (US$1=W1,080).

      The figures are part of a defense plan for 2015-2019 announced Monday by the Ministry of Defense that would also hike the pay of conscripts. A corporal's pay will rise to W195,800 in 2017.

      The proportion of the budget allocated to research and development will jump from 6.5 percent this year to 8.4 percent by 2020.

      Out of the total budget of W232.5 trillion, W6 trillion was allocated to a so-called "kill chain" system aimed at incapacitating the North's nuclear and missile facilities in the initial stage of a conflict, up W300 billion from the last plan for 2015-2019.

      The ministry also earmarked W2.7 trillion for a system designed to intercept incoming North Korean missiles.

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