Deputy Prime Minister and Finance Minister Koo Yun-cheol said the government will extend fuel price-linked subsidies to ease the burden of high oil prices and will draw up a roadmap by June to overhaul overall foreign labor policy.
Chairing an emergency economic meeting and a joint meeting of economy and external economic relations ministers at the Government Complex Seoul on April 30, Koo said, “Following this week’s payment of high oil price damage support funds, we will also extend by two more months through June the fuel price-linked subsidies that are being paid at a temporarily increased rate (50→70%).”
The program supports bus, taxi, freight truck and coastal cargo ship operators when diesel and compressed natural gas prices exceed benchmark levels. It covers 70% of the amount above 1,700 won per liter for diesel and 50% of the amount above 1,330 won per cubic meter for CNG. The cap is 183.21 won per liter or cubic meter.
Koo said the government will prepare an “integrated support roadmap” for foreign workers by June to revamp policy in line with demographic changes. “We will manage the entire process of employing foreign workers in an integrated way, from recruitment to protection of working conditions and job changes,” he said.
On the economy, Koo said March all-industry output rose 0.3%, “once again confirming the solid recovery trend,” but warned that as negotiations over the Middle East war drag on, economic strains are becoming more visible, including weaker consumer sentiment and supply chain effects.
The government said it will push ahead with measures to promote “eco-friendly green consumption and tourism” and a “youth New Deal” plan, while also pursuing contingency responses and structural reform tasks.
The meeting also reviewed the government’s response to the Middle East war and major labor issues. The government said it will encourage the public sector to serve as a model employer under the revised union law and will continue discussions, centered on the Economic, Social and Labor Council, on structural changes such as AI transition and youth jobs.
To boost consumption and tourism during the holiday period, the government said it will expand operations of mass transit such as rail, air and buses, and pursue domestic demand measures including free admission to national cultural facilities and vacation support for workers.
* This article has been translated by AI.
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