What did Finance Minister Koo Yun-cheol say about youth job creation in Seoul on Thursday?

Koo said the government will promptly prepare and announce measures to revitalize youth employment. He said the plan will also include tailored policies for manufacturing and construction, which are both facing weak hiring.

How bad was youth employment in Korea in July?

The data ministry said the youth employment rate for ages 15 to 29 fell to 44.2 percent, down 1.6 percentage points from a year earlier. The youth unemployment rate climbed to 6.8 percent, the biggest on-year increase in more than five years.

What are Korea's three megaprojects tied to the youth jobs plan?

Koo said the government will push the three megaprojects at full speed so corporate investment can help create quality jobs preferred by young people. The projects focus on a semiconductor production cluster, physical AI and AI data centers in regional areas.

Gov't to announce details on job creation plan for youths

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Summary

The government will soon announce detailed measures to create jobs for young people, Finance Minister Koo Yun-cheol said Thursday in Seoul. He said youth and manufacturing employment remain sluggish despite overall gains, and that the plan will also target sectors such as manufacturing and construction. Koo said the government will speed up its three megaprojects initiative to boost investment and quality jobs.

Key Facts

Korea added 108,000 jobs in July from a year earlier, but the employment rate for people aged 15 to 29 fell 1.6 percentage points to 44.2 percent.
The youth unemployment rate rose 1.3 percentage points to 6.8 percent, the largest on-year increase in more than five years.
Jobs in manufacturing fell by 68,000 in July from a year earlier, marking the 25th consecutive month of decline.
Construction-related jobs also declined on-year for the 27th consecutive month.
Korea unveiled the three megaprojects in late June, including plans for large-scale investment in a semiconductor production cluster, physical AI and AI data centers in regional areas.

By Yonhap

Published Aug 13, 2026 9:33 am KST

Finance Minister Koo Yun-cheol speaks during a meeting with economy-related ministers at the Government Complex Seoul, Thursday. Yonhap

Korea will come up with detailed measures to create jobs for young people soon in response to recent challenges in the labor market, the finance minister said Thursday.

Finance Minister Koo Yun-cheol made the remark during a meeting with economy-related ministers in Seoul, noting that employment among young people, as well as in the manufacturing sector, continues to remain sluggish despite overall gains.

On the previous day, the data ministry said Korea added 108,000 jobs in July from a year earlier, but the employment rate for those aged 15 to 29 fell 1.6 percentage points to 44.2 percent, declining on-year for the 27th consecutive month.

The unemployment rate for the age group rose 1.3 percentage points to 6.8 percent, marking the largest on-year increase in more than five years.

"The prolonged Middle East war, the unprecedented heat wave, along with a drought in some regions, are weighing on employment and consumer prices," Koo said.

"The government plans to promptly prepare and announce measures to revitalize employment among young people, along with tailored policies for sectors facing challenges, such as manufacturing and construction," Koo added.

Jobs in the manufacturing sector fell by 68,000 in July from a year earlier, marking the 25th consecutive month of decline. Construction-related jobs lost ground on-year for the 27th consecutive month as well.

"The government will especially implement the three megaprojects initiative at full speed so that corporate investment leads to a virtuous cycle of securing growth engines and creating quality jobs preferred by young people," Koo said.

Korea unveiled the three megaprojects in late June that outlined plans for large-scale investments in a semiconductor production cluster, physical AI and AI data centers in regional areas.

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