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.
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.