South Korea scraps 54-year-old education grant formula tied to national tax revenue

Minister of Education Choi Kyo-jin, Minister of Planning and Budget Park Hong-keun, and Vice Minister of Interior and Safety Kim Min-jae held a joint ministerial briefing at Government Complex Seoul in Jongno-gu, Seoul, on Friday morning to announce plans for a future response fund and an overhaul of the local education finance grant system. The government said it would scrap the 54-year-old structure that automatically allocates 20.79 percent of national tax revenue to local education grants and introduce a new formula in its place.