This study is aimed at examining volunteering as a potential source for reducing the financial burden of welfare spending that has been growing with increasing income disparities and advancing population aging. Volunteering is considered in this study also as a supplement to the social service workforce employed in government-subsidized work programs. This study first briefs the history and features of volunteering in Korea on the individual and corporate levels. Secondly, we estimate the socioeconomic value of volunteering based on our internet survey and our analysis of the potential of volunteering in the industrial context. Thirdly, we identify priority issues that need to be addressed in the effort to promote volunteering. Lastly, this study presents policy recommendations, and further discusses what should be done, to promote the voluntary sector. Our conclusion points to the need to reduce the risk of information on volunteering that the early majority (including enterprise entities) encounters. Increased policy attention is needed to foster a culture of sharing. Some of social economic organizations (including social enterprises) need to be recognized as “organizations in need of volunteers.” In addition, policy measures should be redesigned to better incentivize volunteering.