The military will increase monthly wages for soldiers in steps from next year onwards to fulfill a campaign pledge by newly elected President Moon Jae-in, sources well informed on the matter said Sunday.

"We have set up a plan to raise soldiers' monthly pay and are currently discussing the matter with the Ministry of Strategy and Finance and other relevant offices," one of the sources said.

Currently, the monthly salary for soldiers is 216,000 won ($192) for a sergeant, 195,000 won for a corporal, 176,000 won for private first class, and 163,000 won for private second class.

Under the plan, corporals' salary will increase to 259,000 won a month next year, for instance, according to the sources.

The military estimates the additional amount of money needed to raise salaries for soldiers to be around 300 billion won next year and says it will be able to secure the amount if the defense budget rises from currently 2.4 percent of the GDP to 3 percent or more.

In a survey recently conducted by the Ministry of Defense, about 78 percent of soldiers said their monthly wages are not enough to buy even daily items so their parents remit money to make up for the shortfall.

Moon, during the presidential election, pledged to gradually raise the wages of soldiers to 700,000 won, which is 50 percent of the country's minimum wage, by 2020 while shortening the service period for conscripted soldiers to 18 months from the current 21.

All able-bodied South Korean men are obliged to serve in the military. (Yonhap)