S. Korea overhauls education grant formula for first time in 54 years; next year's allocation set at W78.9 trillion

Education Minister Choi Kyo-jin, Ministry of Planning and Budget Minister Park Hong-keun and Ministry of Interior and Safety Vice Minister Kim Min-jae held a joint ministerial briefing Friday morning at Government Complex Seoul in Jongno-gu on plans for a future response fund and an overhaul of the local education finance grant system. The government announced it would scrap the 54-year-old mechanism automatically allocating 20.79 percent of domestic tax revenue to education grants and replace it with a new formula, with next year's grant total set at 78.9 trillion won.