South Korea plans subsidies for jobseekers and low-income groups

South Korea is planning to introduce a new subsidy for jobseekers and increase support for low-income groups in its next budget in 2023.

The budget will include funds for a subsidy worth 3 million won (US$2,240) for young people who have given up on finding employment. They will be eligible for this if they participate in a training programme for jobseekers.

“Receiving training in programmes for jobseekers operated by conglomerates such as Samsung and SK increases [the] hiring rate,” said Rep. Sung Il-jong, the People Power Party’s policy chief, reports The Korea Herald.

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The government will also increase the subsidy for small firms that hire disabled workers.

Currently, businesses with companies with fewer than 50 employees receive a subsidy ranging from 300,000 won to 800,000 won (US$225 to US$600) per month for having a disabled person on the payroll for more than six months, for a maximum of 12 months.

The government also plans to tap into state funds to alleviate the debt of the self-employed and smaller merchants, although the specifics have not been revealed.