Seoul City's Budget for Next Year Surpasses 40 Trillion Won for the First Time ... 1.3% Increase from This Year

7.7311 Trillion KRW for Livelihood Economy Recovery... 2.1576 Trillion KRW Allocated for Job Creation Budget

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government has prepared a record-high New Year's budget of 40 trillion won. The core focuses are COVID-19 prevention, recovery of the people's economy, and preparation for the post-COVID era.

According to the city on the 2nd, next year's budget is 40.0479 trillion won, an increase of 1.3% or 512 billion won compared to this year. A total of 314.6 billion won will be invested to maintain and strengthen COVID-19 prevention at the highest level and to upgrade the infectious disease response paradigm. 95.8 billion won will be spent to establish a 'constant infectious disease prevention system,' including stockpiling prevention supplies, building an early warning system using big data, supporting vaccine development, and providing free vaccinations.

In August next year, the 'Northeast Emergency Medical Center,' equipped with infectious disease treatment emergency beds, will be completed at Seoul Medical Center, and 9.2 billion won has been allocated for infrastructure expansion, including starting the design of the 'Safe Respiratory Specialist Center' (within Boramae Hospital).

To overcome the COVID-19 recession and restore the people's economy, 7.7311 trillion won will be invested to lead employment retention and job creation, as well as to strengthen the social safety net for vulnerable groups. Among this, a job budget of 2.1576 trillion won has been allocated to create approximately 393,575 direct and indirect jobs.

256 billion won will be spent to issue Seoul local gift certificates worth 380 billion won, and 12.1 billion won of Seoul's share will be invested to support 137,000 new middle and high school students nationwide with 300,000 won each as entrance preparation funds. The social safety net will also be tightly strengthened with 43.9 billion won for expanding emergency welfare support for COVID-19 crisis households, 48.1 billion won for expanding Our Neighborhood Care Centers, and 495.2 billion won for expanding housing benefit recipients support.

5.604 trillion won will be spent on securing future growth engines and investing in the youth. In particular, 337.6 billion won has been allocated for youth and newlywed housing support, an increase of 90% (160.6 billion won) compared to this year.

Additionally, budgets have been allocated for urban infrastructure projects such as the Seoul Jemulpo Tunnel, Western Arterial Underground Road, and Eastern Arterial Road expansion projects, and the opening of Geumcheon Fire Station (14.5 billion won) will complete the 'one fire station per autonomous district' system.

Seo Jeong-hyeop, Acting Mayor of Seoul, emphasized, "We will invest the budget appropriately to actively respond to the inevitable coexistence with COVID-19 in the 'WITH COVID' era, while proactively preparing and leading the transition to the post-COVID era."

This content was produced with the assistance of AI translation services.