Last Year, Public Institutions' Debt Increased by 38 Trillion Won... Debt Ratio at 183%

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Last year, the debt of public institutions increased by 38 trillion won. However, the rate of increase was smaller than the previous year.

The Ministry of Economy and Finance announced on the 30th that it disclosed the management information of 327 public institutions on the Alio website.

According to the management information disclosure, as of the end of last year, the debt of public institutions (324 institutions excluding banks) amounted to 709 trillion won, an increase of 38 trillion won (5.7%) compared to the previous year. Factors influencing this included the Korea Housing Finance Corporation's special Bogeumjari loan supply (11.3 trillion won), the Korea Land and Housing Corporation's new town housing construction (6.2 trillion won), Korea Electric Power Corporation's increased borrowings to cover power supply costs (9.6 trillion won), and the National Health Insurance Service's increase in insurance benefit liabilities (4.2 trillion won).

However, the increase was somewhat smaller compared to 2022 (86.6 trillion won). The debt ratio was recorded at 183.0%, up 5.1 percentage points from the previous year. Public institutions recorded a net loss of 3.2 trillion won last year.

The average compensation for institution heads last year was 186 million won, a 0.3% increase from the previous year. The average employee compensation rose by 2.0% to 70 million won.

The total workforce of public institutions was 421,000, a decrease of 8,000 from the previous year. As of the first quarter of this year, it was recorded at 422,000, increasing again by 1,000.

New hires last year numbered 20,000, a decrease of 5,000 compared to the previous year. This is interpreted as a result of about 2,000 fewer new hires in public medical institutions due to the end of COVID-19. New hires in public institutions have decreased for four consecutive years, from 40,000 in 2019 to 30,000 in 2020, 26,000 in 2021, 25,000 in 2022, and 20,000 last year.

The number of users taking parental leave was 24,489, an increase of 5.3% from the previous year. Among them, the proportion of men was 23.6%, slightly higher than 22.6% in 2022. The Ministry of Economy and Finance stated, "We will actively utilize in-depth analysis of public institution management information to diagnose the current status of public institutions and establish future improvement directions."

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