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Next Year's Budgets of 25 State-funded Research Institutes Total 4.87 Tril. Won
Up 4.2% from 2019
Next Year's Budgets of 25 State-funded Research Institutes Total 4.87 Tril. Won
  • By Yoon Young-sil
  • December 31, 2019, 11:44
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The 25 government-funded research institutes in the science and technology sector will have an aggregate budget of 4.87 trillion won (US$42 billion) next year, up 4.2 percent (US$42 billion) from this year.

Next year's budgets of the 25 government-funded research institutes in the science and technology sector total 4.87 trillion won (US$42 billion), up 4.2 percent (US$42 billion) from this year, the National Research Council of Science and Technology (NST) said on Dec. 30.

Of the total, the government's contributions to the state-funded research institution were set at 1.98 trillion won (US$17 billion), an increase of 2.8 percent compared to this year. These institutions are expected to earn 2.88 trillion won, up 5.0 percent, by carrying out R&D projects commissioned by the government. In addition, they will invest 11.9 billion (US$1 million) in R&D out of their own reserves.

Their labor costs for next year will grow by 54.4 billion won (4.0 percent) to 1.41 trillion won (US$1.2 billion), while its ordinary expenses total 261.3 billion won, up 3.4 billion won (1.3 percent). These institutions will have 15,663 on the payroll, 32 more than this year.

Twelve government-funded research institutes including the Korea Institute of Science and Technology (KIST), were awarded 106 research projects worth 140 billion won on materials, parts, and equipment in response to Japanese export regulations.

“Next year's budgets were calculated based on an roles and responsibilities (R&R) implementation plan and a profit-making structure portfolio,” the NST said. “We drew up the business plan by taking into consideration government-funded research institutes’ research projects such as those from the government and the private sector and technical support projects.