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Extra budget aims to create quality jobs: finance minister

All Headlines 11:30 June 01, 2017

SEJONG, June 1 (Yonhap) -- South Korea's finance minister said Thursday a 10 trillion won (US$8.9 billion) supplementary budget is aimed at creating quality jobs and offering support programs for low-income people.

Finance Minister Yoo Il-ho said at a meeting of government officials that the pace of economic recovery is not solid, a day after Seoul reported that the nation's factory output declined even though exports jumped.

The government is preparing to submit the draft extra budget to the National Assembly next week, with President Moon Jae-in instructing policymakers to spare no efforts to get the budget approved by the end of this month.

"This supplementary budget is drawn up for jobs," Yoo told the meeting, citing higher jobless rate for young people.

Yoo also said the government needs to play a more active role in resolving a widening income gulf, through various economic assistance projects.

During the second-half of this year, the government plans to hire 12,000 state employees and create jobs for public health and other services, including daycare and nursing facilities.

The Bank of Korea has expected the nation's economy to grow 2.6 percent this year.
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