FILE PHOTO: South Korean President Yoon Suk Yeol. REUTERS/Evelyn Hockstein/File Photo
SEOUL: The South Korean National Assembly concluded a contentious decision to reduce the national research and development (R&D) budget to 26.5 trillion won (US$20.4bil), a 15% reduction from this year and marking the first R&D budget cut in 33 years.
The reduction of 4.6 trillion won is a slight adjustment from the government’s initial proposal of a 5.2 trillion won cut, a concession in response to significant backlash and criticism from both the scientific and political communities.
The budget cuts followed President Yoon Suk Yeol’s call for a fundamental reassessment of R&D strategies during a fiscal strategy meeting in June.
His directive led to the ministry embarking on significant budget reductions in the name of R&D innovation, even missing the deadline for submitting the national R&D budget proposal for the first time.
Facing strong opposition from the scientific community and opposition parties, Yoon responded by committing to an increase in R&D spending during his tenure.
In response to concerns about employment stability in research sectors, the government has earmarked specific funds. Of the 600 billion won increase over the initial proposal, 52.3 billion won will address job security for researchers.
A notable 178.2 billion won is allocated to support personnel costs in post-completion corporate R&D funding projects. — The Korea Herald/ANN
