University Extinction Crisis Era... Choo Kyung-ho "Active Investment in Higher Education Next Year"

November 11 University Group Meeting
"Stable Operation of Special Accounts for Secondary and Lifelong Education Support"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated, "When drafting next year's budget, we will actively strive to strengthen university competitiveness and nurture future talents through the stable operation of the Higher and Lifelong Education Support Special Account."

On the afternoon of the 11th, Deputy Prime Minister Choo held a meeting in Seoul with the President of the Korea Council for University Education, the President of the National Council of Public Universities, and the Senior Vice President of the Korea Council for College Education, conveying this message.

This meeting was held to listen to the management difficulties universities are facing, such as the decline in the school-age population and the risk of regional extinction, and to reflect the necessary budget in next year's budget proposal.

The attendees reported that despite efforts to expand investment in higher education, including the establishment of the Higher and Lifelong Education Support Special Account this year, difficulties in the higher education field remain significant due to the declining school-age population and regional extinction risks. They proposed measures such as "the university general financial support project and continuous support for glocal universities, and the abolition of the sunset clause (3 years) of the Higher and Lifelong Education Support Special Account Act."

According to a survey conducted by the Korea Council for University Education from the 1st to the 13th of last month targeting 138 member universities and released on the 9th, although the government established a Higher and Lifelong Education Special Account (High Special Account) worth 9.7 trillion won this year to support universities, 136 universities (98.6%) responded that it was 'insufficient.'

Accordingly, the government plans to expand the High Special Account. According to the '2023 Second Half Economic Policy Direction' announced by the government on the 4th, the government will promote the expansion of the High Special Account as part of one of the three major reforms, education reform. The amount of the increase has not yet been determined.

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