The government will announce a 'Youth Employment Recovery Plan' in the third quarter to address the stagnation in youth employment. The plan aims to train over 200,000 skilled workers in advanced industries and preferred sectors by 2030, while also creating more than 200,000 quality jobs in both the private and public sectors.
On July 16, a joint meeting of the job task force was held at the Government Seoul Building, attended by Lee Hyung-il, First Vice Minister of the Ministry of Economy and Finance, and Kwon Chang-jun, Vice Minister of Employment and Labor, to discuss employment trends for June and adjustments to the youth employment recovery plan.
In June, the number of employed individuals increased by 63,000 compared to the same month last year, marking a turnaround in employment after a month of decline. Analysts attributed this recovery to reduced uncertainties following the resolution of peace negotiations between the U.S. and Iran.
By sector, the increase in employment in the service industry expanded from 248,000 in May to 307,000 in June. Meanwhile, the manufacturing sector saw a decrease of 97,000 jobs, a reduction from a loss of 140,000 jobs in the previous month.
Conversely, employment in the construction sector worsened, with job losses increasing from 43,000 in May to 67,000 in June.
The employment situation for young people remains challenging. The youth employment rate fell by 1.7 percentage points compared to the same month last year, while the unemployment rate rose by 0.9 percentage points.
The government recognizes that ongoing employment difficulties for young people and in sectors like manufacturing and construction, along with potential escalations in tensions in the Middle East, could pose further risks. As a result, they have decided to respond comprehensively through the job task force.
To facilitate youth employment recovery, the government plans to swiftly establish the 'Youth Employment Recovery Plan.' This plan will include three major mega-projects, training over 200,000 skilled workers in advanced industries and preferred sectors, and creating more than 200,000 quality jobs in both the private and public sectors.
It will also incorporate measures to strengthen incentives at various stages of labor market participation, including job searching, hiring, and career growth. The government intends to finalize detailed policy tasks and announce them in the third quarter after consultations with relevant ministries.
For sectors experiencing employment stagnation, such as manufacturing and construction, the government will analyze sector-specific trends and underlying issues, mobilizing available policy tools to devise response strategies. Future discussions and announcements of sector-specific measures will take place through the job task force and economic ministers' meetings.
* This article has been translated by AI.
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