National Debt Hits Fresh Record

      March 27, 2018 13:15

      Korea's national debt hit a record W1,555 trillion last year, double the W773 trillion in 2011, according to a report to a Cabinet meeting on Monday (US$1=W1,079).

      The national debt covers all central government liabilities, including public debt and future pension payments for civil servants and soldiers.

      Oh Kyu-taek of the Finance Ministry attributed the surge to an addition of more than W93 trillion over the past year to future pension payments for public servants and soldiers.

      These future payments amount to W845.8 trillion, taking up a whopping 54 percent of the entire national debt. The increase is the largest since statistics started in 2013.

      Yet the government is still pushing to create 170,000 more public-sector jobs that will entail generous pensions.

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