The main opposition Democratic United Party will seek to make it mandatory for large firms to institute an employment quota for young job seekers, officials said Thursday.
Outlining its comprehensive policy for the youth, the DUP’s policy committee and its special committee on “universal welfare” also said that the party will seek to set aside 0.5 percent of corporate taxes each year to support the struggling youth.
A package of policies on education, jobs, housing and social welfare for the youth was announced as the party seeks to court young voters ahead of the general elections slated for April 11.
Han Myeong-sook (right), chairwoman of the main opposition Democratic United Party, talks with chief policymaker Lee Yong-sup before announcing the DUP’s policy pledges on universal welfare in the National Assembly, Thursday. (Park Hyun-koo/The Korea Herald)
Under the plan, it hopes to introduce the quota system at big firms with 300 employees or more including public corporations.
The plan obligates firms to hire more young workers ― an additional 3 percent to the number of total recruits they employ each year. The envisioned quota is applicable to those 15-29.
The party estimates that through the special quota, some 318,000 jobs for the young will be created.
For those between the ages of 20 and 24, the party seeks to establish a special fund to be raised with 0.5 percent of corporate taxes each year.
The party plans to use the fund to offer 500,000 won ($447) to each young employee of a private firm each month for two years. The fund also will be used to offer 250,000 won per month to young job seekers for four years.
Other welfare plans include providing free meals for elementary and middle school students; halving university tuitions increasing the minimum wage, and enhancing health insurance programs.
The party estimates that the plans would cost some 33 trillion won, saying that the money can be raised through tax reform.
By Song Sang-ho (
sshluck@heraldcorp.com)
