A South Korean effort to increase R&D spending to 5% of GDP, in contrast with last year’s R&D spending of 3.49% of GDP, will mean an overhaul of the national capabilities in basic sciences. For 2008, South Korea plans to spend $10.6 billion on science and technology development, 25% of which will go to basic research. The amount committed to basic research is expected to increase to half of the country’s total R&D spending by 2012. In order to strengthen research universities, the government will spend a total of $610 million by 2012. Researchers are also set to receive larger incentives in the years to come. For example, the government’s current coverage of 38% of personnel expenses for employees of state-run laboratories will be boosted to 70%. Also, by 2013, workers in science and technology fields will receive $204 million in pensions. Source: Korea Times