09 June 2017

News Story: S. Korea's military seeks 8.4 pct hike in 2018 budget

SEOUL, June 8 (Yonhap) -- South Korea's defense ministry said Thursday it has requested a record budget of 43.7 trillion won (US$38.7 billion) for next year, citing growing threats from North Korea and the need for reforming the South's military under President Moon Jae-in's campaign pledge.

It represents an 8.4 percent increase from 2017.

Much of the budget will be used to raise wages for rank-and-file soldiers, according to the ministry.

During his presidential campaign, Moon, a liberal leader, vowed to lift the payment up to 50 percent of the minimum wage in stages.

Read the full story at YonhapNews