By Lee Hyo-sik
The government plans to create about 70,000 public-sector jobs for young adults over the next two years to help recent university and high-school graduates find work amid the protracted tight job market.
It will provide tax breaks and other incentives to businesses hiring young workers.
In a report to President Lee Myung-bak, Minister of Employment and Labor Bahk Jae-wan said Thursday that a range of measures to cut the number of jobless youths by more than 70,000 by 2012 will be implemented.
“Young adults are the future of Korea. Over the next three to four years during which the number of university graduates exceeds that of retirees, the government, private businesses and everyone else should make an all-out effort to help young people get good jobs,” Bahk said.
The minister said the government will create jobs in various public sectors, and encourage companies and universities to contribute to boosting the youth employment rate.
“At the root of the high youth unemployment is a manpower mismatch, meaning that Korea has more university educated graduates than needed in white collar positions,” he said. “In the long term, we will do everything we can to resolve this problem and advance our employment support programs.”
He urged businesses, universities and young people themselves to do their part.
Among the measures unveiled, a total of 7,200 new jobs will be created by public companies in natural resources development, nuclear energy research and other new growth industries.
The government will hire more police officers, firemen and other personnel providing emergency public services, while creating an additional 37,000 positions by 2012 by expanding the youth internship program to mid-sized companies and helping universities set up their own firms.
Newly established businesses in emerging growth fields will receive up to 7.2 million won in financial aid for every one new worker they hire. The government also plans to finance a series of investment funds to encourage venture firms to employ more young people, while assisting a total of 12,000 university graduates in finding jobs overseas over the next two years.
“We will encourage private companies to hire more young workers by offering a range of financial support and other incentives. Universities should also fulfill their role in increasing youth employment by better preparing students and creating a business-friendly environment on campus,” the minister said.