South Korea To Announce Youth Job Measures In Third Quarter

According to Yonhap, South Korea's finance ministry said Tuesday it will unveil measures in the third quarter to create more jobs for young people as economic uncertainty weighs on the labor market. First Vice Finance Minister Lee Hyoung-il chaired a meeting with relevant ministries on job creation, where officials agreed to focus on vulnerable areas including young people and the manufacturing sector. South Korea added 63,000 jobs in June from a year earlier after losing 40,000 in May, but the employment rate for people aged 15 to 29 fell 1.7 percentage points to 43.9 percent, while manufacturing jobs declined for the 24th straight month. The ministry said it is preparing a comprehensive package to revitalize the youth labor market and plans to announce it within the third quarter. It also said plans for the manufacturing sector will be released through economy-related ministerial meetings, and the government will use all available policy tools.