The finance ministry said Tuesday it will strengthen oversight of public corporations by setting up a new management information division, while taking steps to enhance the evaluation of tax outlays.

The measures are aimed at improving transparency and management as the ministry seeks to maximize operational efficiency and cut back on waste to make the most of taxpayers' money.

South Korea is currently undergoing an expansion of welfare-related spending, with every effort being made not to raise taxes.

The finance ministry has said raising taxes can only be considered after all other endeavors to reduce excess spending and expand the country's taxable base by slashing waivers have been exhausted.

Policymakers have in recent years pushed state-run companies that have been cited for providing excess benefits to employees and inefficient use of manpower to make drastic changes.

As part of the reform measures, the ministry said it will revamp the All Public Information in One (ALIO) system by assigning more personnel to the on-line service. This move can better allow ordinary people to monitor the public sphere, including wages, welfare and new hiring.

In addition, the latest change calls for better assessment of where taxes are being spent and to keep close tabs on the government three-year economic reform plan. Closer monitoring of taxes can allow for better management of resources.

The ministry said all changes will go into effect within the month. (Yonhap)