Ministry of Strategy and Finance Mid-to-Long-Term Strategy Committee "Welfare Service and Health Insurance Expenditure Must Be Reduced"

On the 18th, the Ministry of Economy and Finance announced that its advisory committee, the Mid- to Long-term Strategy Committee, held the 3rd Future Strategy Forum at the Korea Press Center in Jung-gu, Seoul.

On this day, Park Jeong-su, a professor at Ewha Womans University and a member of the Mid- to Long-term Strategy Committee, presented on "Establishing a Sustainable Welfare and Fiscal System." The main point was that due to unprecedented low birth rates and early entry into a super-aged society, the welfare and fiscal systems need to be improved to be sustainable. The presentation also included recommendations to reduce expenditures on welfare services and health insurance, and to redesign the welfare system from a department store-style approach to one that provides robust support in necessary areas.

Lee Won-hong, head of the Talent Policy Center at the Korea Institute of Science and Technology Evaluation and Planning, gave a presentation titled "Strategies to Expand Future Talent to Enhance Growth Potential." Lee emphasized that securing core talent is key to improving productivity during the digital transformation era, and thus called for a full-scale response to secure global talent as well as domestic workforce development. To this end, he advised establishing a comprehensive talent mechanism, transforming universities into innovation hubs, and improving reward systems for outstanding personnel.

Meanwhile, the Mid- to Long-term Strategy Committee plans to compile the contents of the Future Strategy Forum, committee discussions, and expert opinions to prepare the "Vision for Future Generations and Mid- to Long-term Strategy" by the end of this year.