Extra budget to be spent to tackle youth unemployment

  • The extra budget will be spent to tackle the chronic youth unemployment as well as to help those who have lost their jobs in the wake of corporate restructuring, a senior government official said 3 Apr.
  • The supplementary budget plan is to be submitted to parliament in Apr 18 and will be made without sales of state bonds, he stressed.
  • In Mar 18, the government unveiled a set of measures, including bolder financial and tax incentives and the use of an extra budget, to tackle the jobless rate among young people.
  • The measures center on extending direct financial and tax incentives to young job seekers. The government also proposed broader support for startups launched by young people, with part of the financing to come from a supplementary budget.
  • President Moon Jae-in has called for an all-out effort to create new quality jobs for young people and said the country’s high youth jobless rate is a national disaster.
  • Creating quality jobs, especially for the young, was one of Moon’s key election pledges. The president has promised to add 810,000 new jobs in the public sector during his single five-year term, which ends in May 22.

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