To select English subtitles, click on the Settings icon at the bottom right-hand corner of the screen, click on the option labeled "subtitles/CC, and choose English.

Video Description

Type: KIHASA Policy Featurette

Topic: What 18-year-old's Dream Needs

Guest Speaker: Lee Chang-gon, Senior Reporter, Hankyoreh

Transcript

We need to look closely at the expansion of social welfare. The welfare budget tends to increase on its own, particularly with the population aged 65 and over on the verge of exceeding 20 percent of the national population. Many components of the national budget grow automatically; this, in financial jargon, is called a ‘natural increment.’ Welfare benefits are largely paid out in inflation-adjusted amounts; plus, there is a natural increment tied to the aging of the population. Therefore, labeling some welfare budget or other as a super budget or an ultra-super budget, as some media outlets do, is not quite accurate, because all welfare budgets are always a super budget no matter what. Thus, we need to delve deeper into the natural increment, not just in terms of its quantity but also the qualitative differences it implies.