South Korea’s job market is strained amid the slowing economy. (Image: Korea Bizwire)
SEOUL, Jun. 4 (Korea Bizwire) — South Korea plans to provide monthly subsidies to job seekers from low-income backgrounds for a maximum of six months and support their efforts to find employment as the government strives to boost the tepid job market, officials said Tuesday.
The government plans to offer 500,000 won (US$423) per month to those aged 18 to 64 from the group who earn less than 50 percent of the median income for six months.
The government also aims to provide job consulting services to job seekers.
The state-driven scheme is part of President Moon Jae-in’s priority to build an “employment safety net.”
The government is aiming to implement the scheme in July next year, hoping that a relevant bill will be passed during a parliamentary regular session that kicks off in September.
If implemented, the scheme is expected to benefit 350,000 people next year and 600,000 by 2022, it added.
The government estimated 504 billion won in budget will be needed to support the program for the second half of next year.
South Korea’s job market is strained amid the slowing economy.
The jobless rate rose to 4.4 percent in April from a year earlier, the highest level for any April since 2000.
Young people have been hit hard by the tight job market. In April, the unemployment rate for those aged between 15 and 29 reached 11.5 percent from a year earlier, the highest for any April since 2000.
(Yonhap)
