Finance minister calls for corporate support in job creation

By Yonhap

Published : Mar 14, 2018 - 15:01
Updated : Mar 14, 2018 - 15:01

Korea's top economic policymaker on Wednesday asked companies to do more to create jobs and boost investment in the latest appeal to the business community to combat the chronic unemployment of young people.

"I hope that SK and other companies will pay more attention to investment and hiring," Finance Minister Kim Dong-yeon told reporters ahead of his meeting with SK Group Chairman Chey Tae-won at the SK headquarters in central Seoul.

The minister also said job creation for young people is a top priority of the government.

Finance Minister Kim Dong-yeon (L) shakes hands with Chey Tae-won, chairman of SK Group, before a meeting in Seoul on March 14, 2018. (Yonhap)

Kim has met with Hyundai Motor Vice Chairman Chung Eui-sun and LG Group Vice Chairman Koo Bon-joon in a series of meetings to seek their support in job creation.

Kim's comments came as the high unemployment of young people has shown no signs of abating.

The unemployment rate for young adults -- those aged between 15 and 29 -- stood at 9.8 percent in February, compared with 12.3 percent a year earlier, according to Statistics Korea.

Kim has said the government may consider granting an allowance to young jobseekers and creating an extra budget, as well as introducing tax incentives or subsidies for young jobseekers.

In January, President Moon Jae-in called for an all-out effort to create new quality jobs for young people and said the country's high youth jobless rate is a national disaster.

Moon has promised to add 810,000 new jobs in the public sector during his single five-year term, which ends in May 2022.

SK Group said it will invest 27.5 trillion won this year, while eyeing a total of 80 trillion won over the next three years.

The conglomerate also said it will hire more employees, equivalent to some 30 percent of its total workforce, over the next three years, according to the finance ministry.(Yonhap)


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