You are here: Home News Korea's finance minister calls for labor reform to fight youth unemployment

Korea's finance minister calls for labor reform to fight youth unemployment

Arirang TV, 23 December 2014 - Korea's finance chief has been touting the need to overhaul the labor market in an attempt to reduce the relatively high youth unemployment rate in the country.

Speaking about next year's economic policy directions on major news stations Monday, Choi Kyung-hwan emphasized the need to reduce economic polarization, to create more jobs especially for young people.
He recognized the difficulties of carrying out structural reform, but said it was necessary, especially as big corporations are hiring fewer full-time employees amid economic uncertainties at home and abroad.

According to data from Statistics Korea, the jobless rate for the 15 to 29 age group was seven-and-a-half percent in November, much higher than the overall unemployment rate.
The finance minister also stated that the government will work to expand the social security net.

 

This selection of news and comment is provided as a service to Network users, and is not intended to be comprehensive. The articles featured are compiled by external agencies and in no way reflect the views of the ILO, its constituents or partners. Their inclusion does not imply the endorsement or approval by the ILO of the information contained therein.

Source: http://www.arirang.co.kr/News/News_View.asp?nseq=173338

Document Actions