South Korea reaffirms pledge to create 150,000 new jobs in 2021

The government also plans to support smaller businesses, offer tax incentives to increase hiring, and support sectors that were severely retrenched.
By: | January 8, 2021
Topics: Compensation and Benefits | DE&I | News | Recruitment | South Korea

South Korea has reiterated the government’s commitment to add 150,000 new jobs in the country this year.

Finance Minister Hong Nam-ki said that the government will go all out to hit its jobs target, and also achieve its target of 3.2% economic growth this year. 

The government plans to boost employment by supporting smaller businesses that have suffered financial difficulties. It is set to continue offering tax incentives to firms to ramp up hiring, and extend support to sectors that suffered a sharp decline in employment. 

Some 5.6 trillion won (US$5.12 billion) will be used for cash handouts to small businesses, temporary workers or freelancers, and taxi drivers impacted by the pandemic. 

To spur the economy, the country is also looking to promote domestic consumption. “We must promote domestic consumption as much as possible under thorough virus containment work and actively implement 110 trillion won (US$101 billion) of public-private investment projects,” said the minister. 

READ: South Korea approves 9.3 trillion won jobs package

Major deregulation will need to be carried out to stimulate jobs creations in the private sector for young and middle-aged jobseekers, he added. 

The government also plans to support business exporters by setting up virtual exhibitions and online platforms for real-time communication with overseas buyers.