Gov't unveils 2027 budget plan to support youths at different life stages

Seoul, August 28 - South Korea unveiled a portion of its 2027 budget plan on Friday aimed at aiding young people, committing to provide 43.3 trillion won for various life stage support. This represents a 53.5% increase from the current year's allocation of 28.2 trillion won. The Ministry of Planning and Budget introduced the plan at the 2027 Youth Budget Unboxing event at the presidential office, acknowledging the challenges faced by recent entrants into the job market and difficulties in building assets.

Existing policies have not adequately addressed these changes, leading to young people expressing difficulties in accessing timely support through individual programs. The 2027 budget plan shifts the government's approach, viewing young people as a priority for future national capabilities rather than solely in need of assistance.

Benefits include up to 140.57 million won for a first child born in 2027, which could reach 195.82 million won by age 34 with full tuition support at eligible national universities outside the Seoul metropolitan area. Monthly childcare subsidies are provided from birth to age 1, totaling 14.4 million won. From ages 2 to 12, children receive 39.6 million won in subsidies, and those enrolled in the government's savings program could accumulate 71.5 million won by age 18.

Young adults from ages 19 to 34 can benefit from college tuition support, job training programs, and a 1 million won marriage grant. The budget also focuses on reducing disparities in access to education, housing, and asset building, including supporting AI subscriptions for university students and providing full scholarships to students at national universities outside the Seoul metropolitan area.

Additionally, larger public housing units will be supplied in convenient locations, and low-interest loans will be available for unemployed young people seeking employment or starting businesses.