The South Korean government demanded a total of 364 million dollars in compensation for the 1.03 million Koreans conscripted into the workforce and the military during the colonial period,
[13] at a rate of 200 dollars per survivor, 1,650 dollars per death and 2,000 dollars per injured person.
[14] South Korea agreed to demand no further compensation, either at the government or individual level, after receiving $800 million in grants and soft loans from Japan as compensation for its 1910–45 colonial rule in the treaty.[12]
However, the South Korean government used most of the grants for economic development,
[15] failing to provide adequate compensation to victims by paying only 300,000 won per death in compensating victims of forced labor between 1975 and 1977.
[14] Instead, the government spent most of the money establishing social infrastructures, founding
POSCO, building
Gyeongbu Expressway and the
Soyang Dam with the technology transfer from Japanese companies.
[16] This investment was named
Miracle on the Han River in South Korea.