South Korea to reduce benefits on falling budget revenues

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/Reuters
South Korean officials announced on Thursday that the country will have to reduce some benefits to its citizens, as budget revenues are expected to fall in 2014 for the first time since 2009. Moreover, the government will not raise, for example, pension benefits, as it promised earlier, while aging population still needs more support. The country's deficit for 2014 is forecasted at 1.8%.
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