Social security expenditures have risen sharply in Korea in light of ongoing socioeconomic changes in the population, the industrial structure, and the labor market. This raises concerns about national fiscal sustainability and fiscal consolidation, necessitating a monitoring approach that covers the entire area of social security. This approach should involve: reviews of fiscal risk factors; analyses of expenditure trends and drivers; medium- and long-term fiscal outlooks; identification of sources of uncertainty; and the monitoring of equity in allocations as an outcome measure. Such a systematic monitoring approach can lead to greater efficiency and equity in the allocation of public spending and contribute to public understanding, transparency, and government accountability through public reporting on social spending.