South Korea's 50 Trillion Won Expenditure Reduction Due to Education Finance Reform

South Korea's government plans a significant expenditure reduction of over 50 trillion won in next year's budget, primarily due to the overhaul of the local education finance grant system. The reform will abolish the automatic allocation system based on 20.79% of domestic taxes and calculate the education grant based on the previous year's grant, growth rate, and number of students. This has sparked opposition from the education sector, which argues that this effectively reduces education funding, making it difficult to cover even the increase in personnel costs.