A sign carries a company’s recruitment plan at a university campus in Seoul on Oct. 22, 2023. (Image courtesy of Yonhap)
SEOUL, Nov. 15 (Korea Bizwire) — The government will earmark 1 trillion won (US$766.52 million) to implement extensive tailored programs to encourage more young people to join and stay in the labor market, the finance ministry said Wednesday.
South Korea has seen growth in the number of young people neither in employment nor in education or training (NEET) recently, though the overall employment rate has risen to a record level.
During the first nine months of this year, the number of NEET youth came to 414,000, accounting for 4.9 percent of the total population of the 15-29 age group, according to government data.
Under the plan, the government will launch employment services for high school students next year and fully implement the program for college students, which was introduced this year on a trial basis.
The government will have 74,000 people take part in internships or other job-experiencing programs at private firms and in the public sector and launch an integrated platform in 2024.
For those who get a job, the government will provide onboarding programs, as well as education and consulting services, to help them better adapt themselves to their work, and give 300,000 won per person to a company that runs a shorter working hour program.
Various incentives, education and training programs, and counseling services will also be available for those who stay out of the job market to help them land a job starting next year, the ministry said.
Those who are forced to remain unemployed while caring for their family members will receive 2 million won per month, and more hiring opportunities will be available for disabled young jobseekers.
“Despite the improvement in the overall employment situation, some young people still have difficulties finding jobs that they want and stay out of the labor market. The government will extend tailored support that best meets their needs,” Finance Minister Choo Kyung-ho said.
The government will set up a regular consultative entity next year to find vulnerable youth and provide needed support, according to the ministry.
(Yonhap)
