S. Korea to pass extra budget to create more jobs for young people
- 6 years ago
'청년 일자리' 3조8천317억 추경 국회 통과
Staying in the domestic political arena.
We're still focused on the government's extra budget bill, set aside to help create new jobs for young people and boost regional economies.
While deemed necessary by many, there have been strong voices of opposition.
Our Won Jung-hwan outlines how the supplementary funds could efficiently serve its purpose.
The 3-point-5-2 billion U.S. dollar extra budget bill, the second of its kind under the Moon Jae-in administration,... was approved by the National Assembly on Monday.
Compared to the initial government proposal,... 3-hundred-66 million dollars worth of extra funds were newly earmarked,... while 3-hundred-44 million worth were cut,... for an overall reduction of 20 million dollars according to the latest revision.
By sector, while the budget for Social Overhead Capital and Research and Development has been expanded,... extra funds for Education and General Administration have been reduced.
Support measures to cover transportation expenses for young adults working at small-to-medium size companies were reduced,… but projects for supporting customized farmlands were expanded.
A large chunk of the money approved by lawmakers will be used to subsidize the hiring of new regular workers at smaller firms.
Also, the funds will be spent to help those who lost their jobs in the wake of massive restructuring in the country's shipbuilding and the automobile sectors.
The extra budget is a part of the Moon administration's key policy goals to create quality new jobs in the country,… and tackle the high youth unemployment rate which still stands above 10 percent as of April.
Youth unemployment has consistently worsened mainly due to changes in the country's industrial, education and labor structures.
Since jobs are linked to many other social issues such as the birth rate and welfare policies,… the government has identified job creation as the most urgent national issue.
As the bill has passed now,… the related ministries will hold a meeting to approve a budget implementation plan that will eventually help simplify administrative procedures to promptly inject funds into various programs.
Won Jung-hwan, Arirang News.
Staying in the domestic political arena.
We're still focused on the government's extra budget bill, set aside to help create new jobs for young people and boost regional economies.
While deemed necessary by many, there have been strong voices of opposition.
Our Won Jung-hwan outlines how the supplementary funds could efficiently serve its purpose.
The 3-point-5-2 billion U.S. dollar extra budget bill, the second of its kind under the Moon Jae-in administration,... was approved by the National Assembly on Monday.
Compared to the initial government proposal,... 3-hundred-66 million dollars worth of extra funds were newly earmarked,... while 3-hundred-44 million worth were cut,... for an overall reduction of 20 million dollars according to the latest revision.
By sector, while the budget for Social Overhead Capital and Research and Development has been expanded,... extra funds for Education and General Administration have been reduced.
Support measures to cover transportation expenses for young adults working at small-to-medium size companies were reduced,… but projects for supporting customized farmlands were expanded.
A large chunk of the money approved by lawmakers will be used to subsidize the hiring of new regular workers at smaller firms.
Also, the funds will be spent to help those who lost their jobs in the wake of massive restructuring in the country's shipbuilding and the automobile sectors.
The extra budget is a part of the Moon administration's key policy goals to create quality new jobs in the country,… and tackle the high youth unemployment rate which still stands above 10 percent as of April.
Youth unemployment has consistently worsened mainly due to changes in the country's industrial, education and labor structures.
Since jobs are linked to many other social issues such as the birth rate and welfare policies,… the government has identified job creation as the most urgent national issue.
As the bill has passed now,… the related ministries will hold a meeting to approve a budget implementation plan that will eventually help simplify administrative procedures to promptly inject funds into various programs.
Won Jung-hwan, Arirang News.