Yonhap News Agency December 7th, the South Korean Statistical Office released the 2017 National Transfer Account Results on the 7th.
The report shows that South Koreans start to enter a “surplus life” with higher labor income than consumption expenditure at the age of 28, peak labor income at the age of 45, and enter a “deficit life” with higher consumption expenditure than labor income at the age of 59.
According to the report, judging from the flow of public funds such as taxes and pensions, the outflow of funds from the working age of 15-64 is greater than the inflow, and the money mainly goes to children under the age of 14 and the age of 65. In 2017, the total tax paid by the working population in South Korea was 125.2 trillion won, an increase of 11.1% year-on-year. Of these, 600.7 trillion won is for child welfare projects and 64.5 trillion won is for elderly welfare projects.