South Korea to ramp up efforts in job creation

South Korean government looks to tackle unemployment and beef up efforts in creating new jobs while easing regulations on big companies.
By: | October 18, 2018

The South Korean government is in talks with economic policymakers and business leaders to come up with a new set of measures that will help generate new jobs.

The government’s move comes as South Korea’s employment is now considered to be at a critical situation.

Finance Minister Kim Dong-Yeon noted that for job creation, the government “will encourage businesses to invest by easing regulations, supporting innovative growth in businesses, and providing customised jobs to local provinces and industries.”

They aim to create up to 100,000 jobs in 2018, targeting young jobseekers, the middle-aged, as well as the elderly.

The government is also offering tax benefits to encourage corporations such as Samsung Electronics Co., and Hyundai Motor Co., to make investments, which often lead to the creation of new jobs.

The South Korean minister made the announcement as South Korea’s jobless rate stood at 3.8% in the July-September period, up 0.4% from a year earlier.