New Program to Support First-Time Employment for 160,000 Youth in 2027 Budget
The government is launching a new 'Youth First Employment Support System' aimed at assisting 160,000 young people without job experience, providing support from career exploration to counseling, training, work experience, and employment. Eligible youth will receive a monthly job-seeking allowance of 650,000 won for up to six months.The Ministry of Employment and Labor announced on September 1 that it has prepared a budget of 38.9537 trillion won for next year, an increase of 1.2776 trillion won
Gwangju City Seeks Outstanding Small Business Owners
Gwangju City is publicly recruiting outstanding small business owners.The initiative aims to identify exemplary entrepreneurs in the five districts of Gwangju to enhance the pride of small business owners.Eligibility criteria include being a manager of a manufacturing company with a headquarters and factory in one of the five districts for at least three years and employing at least 10 people.Key evaluation criteria will comprehensively reflect the company's operational history, financial stabil
Lee Chang-hoon Appointed as 5th Director of Korea Medical Dispute Mediation Center
The Ministry of Health and Welfare announced the appointment of Lee Chang-hoon as the 5th director of the Korea Medical Dispute Mediation Center (KMDMC) effective September 1. His term will last for three years, from September 1, 2026, to August 31, 2029, during which he will oversee the center's operations.Lee, born in 1960, graduated from Woosung High School and earned a law degree from Korea University. He passed the 26th National Judicial Examination and was appointed as a judge in 1990, ser
Seong Il-jong Criticizes Lee Administration's Cabinet Reshuffle as a Disaster
Seong Il-jong, a member of the People Power Party, criticized President Lee Jae-myung's recent cabinet reshuffle on September 1, stating, "They say 'personnel is everything,' but this is not the case; it has become a disaster."During an appearance on MBC Radio's 'Kim Jong-bae's Focus,' Seong remarked, "The nomination of Kim Seung-won as the Minister of Justice is the highlight of this reshuffle. I believe this cabinet is aimed at facilitating the dismissal of charges against the president."He al
Bank of Korea Launches New News Sentiment Index Using AI
The Bank of Korea has developed a new News Sentiment Index (NSI) that utilizes artificial intelligence (AI) language models to more accurately capture the sentiment embedded in economic news. The new index, known as the New News Sentiment Index (New NSI), is expected to serve as a leading indicator for economic trends, as it moves ahead of official sentiment indicators like the Consumer Sentiment Index (CCSI) and influences consumption and investment.On September 1, the Bank announced the develo
Up to 1.15 million won in Earned Income Tax Credit Available for Eligible Households
Households with only earned income can apply for up to 1.15 million won in Earned Income Tax Credit until September 15. The National Tax Service (NTS) plans to send notifications to 1.3 million eligible households and will distribute the credits after review on December 17.The NTS announced on September 1 that it will accept applications for the first half of 2026's Earned Income Tax Credit from September 1 to 15.Eligible applicants are households with only earned income for both the individual
Foreign Securities Investment by Domestic Institutions Rises to $549.7 Billion
As stock prices in major countries rise, net investments in foreign stocks have continued, leading to an increase in the balance of foreign securities investments by domestic institutional investors.According to the Bank of Korea's report on 'Foreign Securities Investment Trends of Major Institutional Investors in Q2,' the balance of foreign securities investments by domestic institutional investors (at market value) was recorded at $549.68 billion as of the end of June. This marks an increase o
Unused Cell Phones to Be Collected from Homes This Year
A new service will be introduced this year that allows postal workers to collect unused cell phones directly from homes. This initiative aims to encourage the disposal of old phones that residents have been hesitant to discard due to concerns about personal data leaks and complicated disposal procedures.The Ministry of Climate, Energy and Environment announced that in celebration of Resource Recycling Day on September 6, it will launch a month-long nationwide campaign called the 'National Waste
Power Demand Hits Record High Amid Extreme Heat Despite Industrial Holidays
산업체의 여름휴가가 집중되면서 공장 가동이 줄었지만 기록적인 폭염에 따른 냉방 수요가 이를 상쇄하면서 전력수요가 올여름 최고 수준까지 치솟았다. 낮 시간대에는 태양광 발전이 전체 전력수요의 약 4분의 1을 담당하며 수급 부담을 덜었다. 기후에너지환경부는 8월 첫째 주 평일(3~7일) 전력수요를 분석한 결과 지난 7일 시장수요가 95.3GW(기가와트)를 기록했다고 1일 밝혔다. 올여름 들어 가장 높은 수준이자 역대 전력수요 가운데 다섯 번째로 높은 수치다. 역대 최고치는 2024년 8월20일 기록한 97.1GW다. 지난해 8월25일 96
New Rules Tighten Eligibility for Foreigners to Contribute to National Pension
Foreigners who stay in South Korea for only a short period will no longer be able to exploit the system to receive pension benefits by making retroactive contributions to the National Pension. The Ministry of Health and Welfare and the National Pension Service announced that they have significantly strengthened the requirements for foreign contributions, shifting the criteria from mere registration to actual residency, and will implement a reciprocity principle that grants benefits only to forei