The 2024 Outlook for Social Security Expenditure Data Management

Abstract

As Korea’s social security expenditures grow at a markedly rapid pace, the need has arisen to consider how best they should be managed. For the effective implementation of social security projects, in particular, there is an acute need for the transparent management and timely provision of expenditure information. This would require a social security expenditure database that can be used not only for understanding the current state of the social security system but also as a means to monitor various social security policies, allowing for future projections and risk assessments. It is crucial to assess the performance of social security projects not merely in economic terms but, through metrics such as social return on investment, in terms of social values. In addition, I anticipate initiatives this year to develop a social security expenditure database and evaluate the appropriateness of social security expenditures in light of a deeper understanding of public perceptions regarding social security burden, all aimed at enhancing the sustainability and resilience of the social security system.