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S. Korea to help create more jobs in private sector: finance minister

All News 08:37 June 11, 2020

SEOUL, June 11 (Yonhap) -- South Korea will help private firms create more jobs, Finance Minister Hong Nam-ki said Thursday, in the latest effort to protect jobs that have vanished due to the coronavirus pandemic.

The move came after the government has pushed to create 550,000 jobs in the public sector as the nation's job market remained grim due to falling exports and consumption.

The government will encourage private firms to open 50,000 jobs for young people in July, and smaller firms will be given benefits for job creation, Hong said.

To reinvigorate corporate investment, the government will swiftly implement a 100 trillion-won (US$83.9 billion) spending plan for infrastructure, Hong said.

The nation's jobless rate surged to a 10-year high in May as the coronavirus pandemic hammered job markets. The number of employed people fell by 392,000 to 26.93 million in May, marking the third consecutive monthly decline.

In a sign of hope for job markets, the pace of job losses eased in May. South Korea lost about 467,000 jobs in April, marking the sharpest monthly decline in more than 21 years.

Citing the May data, Hong said the employment situation showed signs of a slight recovery.

Finance Minister Hong Nam-ki (C) presides over a meeting of related ministers on the May employment trend at the government complex in Seoul on June 10, 2020, in this photo provided by the finance ministry. (PHOTO NOT FOR SALE) (Yonhap)

kdh@yna.co.kr
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