The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Major webtoon platforms' fight against piracy

  • 3

    Samsung unveils new Galaxy S23 smartphone

  • 5

    INTERVIEWA touch of authenticity in Korea's Mexican cuisine scene

  • 7

    Police to introduce new measures to better handle intoxicated people

  • 9

    Korean iPhone users lose 'batterygate' lawsuit

  • 11

    Kim Da-mi, Jeon So-nee team up for coming-of-age film 'Soulmate'

  • 13

    INTERVIEW'Extended deterrence is best option to ensure peace on Korean Peninsula'

  • 15

    Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth'

  • 17

    INTERVIEWUS-NK summit is unlikely in 2023: Korea Society

  • 19

    INTERVIEWIMF expects no recession for Korean economy

  • 2

    Seoul city council under fire for sexual conduct guidelines for teachers

  • 4

    ENHYPEN-inspired webtoon 'Dark Moon: The Blood Altar' surpasses 100 million views

  • 6

    Pyongyang threatens eye-for-eye response as US B-1B bombers join drills in South Korea

  • 8

    Teens feel peer pressure to buy luxury goods endorsed by K-pop stars

  • 10

    Girl group NewJeans sweeps top 3 spots on Melon's monthly chart for Jan.

  • 12

    Woman in mysterious child death case gets suspended prison term in retrial

  • 14

    Gov't announces measures to cope with shortage of surgeons

  • 16

    Korea to root out 'jeonse scam,' support victims

  • 18

    Seoul, US hold combined air drills, involving B-1B bomber, F-22, F-35 stealth fighters

  • 20

    Taxi passengers in Seoul taken aback by fare increase

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sat, February 4, 2023 | 04:22
Economy
Gov't to create 59,000 jobs, cut fuel taxes
Posted : 2018-10-24 17:39
Updated : 2018-10-25 10:26
Lee Kyung-min
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Deputy Prime Minister and Finance Minister Kim Dong-yeon speaks at an economic ministers' meeting at the Government Complex in Gwanghwamun, Seoul, Wednesday. / Yonhap
Deputy Prime Minister and Finance Minister Kim Dong-yeon speaks at an economic ministers' meeting at the Government Complex in Gwanghwamun, Seoul, Wednesday. / Yonhap

By Lee Kyung-min

The government will create 59,000 temporary jobs and lower taxes on refined fuel products by 15 percent for the next six months in a bid to reinvigorate the sluggish economy.

Seventeen trillion won ($13 billion) will be spent within the year to bolster private investment amid the protracted economic downturn and weak jobs data.

These are part of measures the Ministry of Economy and Finance unveiled Wednesday to create more jobs, bolster sluggish private investment and promote innovation-led growth.

Deputy Prime Minister and Finance Minister Kim Dong-yeon speaks at an economic ministers' meeting at the Government Complex in Gwanghwamun, Seoul, Wednesday. / Yonhap

While the measures fall short of addressing structural issues to strengthen the country's economic fundamentals, the government should mobilize all possible measures at this point, Deputy Prime Minister and Finance Minister Kim Dong-yeon said Wednesday.

"The government maintains that the measures reflect the urgent need to prevent a further economic downturn as we expect much hardship going forward," he said at the beginning of an economy-related ministers' meeting at the government complex in Gwanghwamun, Seoul.

"The country's economy is bogged down by weak employment data coupled with reduced private investment, despite brisk overseas sales. The government needs to take pre-emptive measures."

The 59,000 jobs are set to be created by the end of 2018 in sectors that have long suffered from manpower shortages, include anti-disaster, emergency and fire prevention crews.

Around 18,000 administrative positions at various government agencies will be added to help young jobseekers get hands-on experience, a measure that could help them with career preparation.

Another 18,000 jobs will help reinvigorate the economy in areas hit hard by labor force losses due to failing or failed industries including shipbuilding, formerly one of the country's major growth engines.

Lower fuel tax: boon or bane?
Lower fuel tax: boon or bane?
2018-10-24 16:43  |  Economy

The government said the job creation will not require any additional tax increase, as unspent money from the budget allocated for this year will be used.

In a bid to reduce the tax burden for the self-employed and low-income families, the government will also lower taxes on refined fuel products by 15 percent, giving taxpayers about 2 trillion won in relief.

Under the measure, the prices of gasoline and diesel will be reduced by up to 123 won and 87 won per liter, respectively from Nov. 6 through May 6, 2019, according to the government.

Of the 17 trillion won allocated for boosting private investment, about 15 trillion won will be offered to small- and medium-sized enterprises (SMEs) in the form of tax incentives and low-interest loans.

Two state-run banks ― the Korea Development Bank (KDB) and the Industrial Bank of Korea (IBK) ― will spend 10 trillion won to shoulder up to 80 percent of such investment for SMEs, traditional industries and budding firms with innovative growth-based business models.

Those with little to no means of obtaining financing will be eligible to take out the full amount in loans.

The remaining 5 trillion won is allocated for facility investments concerning the environment and safety including the reconstruction of old buildings.

The government will spend about 2.3 trillion won by the first half of 2019 to help advance long-stalled private sector-led investment projects.

Large corporations will be eligible for government subsidies, various tax incentives and rent cuts, in a deregulation effort to accelerate the growth of innovative industries.

The government also promised to ease rules to foster a "sharing economy," while relaxing regulations on telemedicine in 2019 to grant better access to advanced medical services for residents in remote areas, a long-neglected group of people.

Experts said the latest measures may help increase the number of jobs in the short term but they are just stopgap measures that fail to address the fundamental issues.

They called for the government to come up with more effective policies to create a business-friendly environment that encourages the private sector to play a bigger role in rehabilitating the economy.

"The measures simply are not sustainable. The quality of the jobs is poor, which means the government has no effective policies to tackle the woeful job market," said Lee Chae-woong, a professor emeritus of economics at Sungkyunkwan University.



Emaillkm@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Teens feel peer pressure to buy luxury goods endorsed by K-pop stars Teens feel peer pressure to buy luxury goods endorsed by K-pop stars
2Itaewon tragedy's bereaved families harassed by far-right protestersItaewon tragedy's bereaved families harassed by far-right protesters
3Plan to construct new memorial center for ex-president faces backlash Plan to construct new memorial center for ex-president faces backlash
4Too many emergency text alerts? Gov't to halt daily COVID-19 notifications Too many emergency text alerts? Gov't to halt daily COVID-19 notifications
5Able C&C sale attracts dozens of potential buyers Able C&C sale attracts dozens of potential buyers
6First lady expands presence in domestic politics First lady expands presence in domestic politics
7FSC OKs Apple Pay to be available in Korea FSC OKs Apple Pay to be available in Korea
8SEMICON Korea defies chip industry downturn SEMICON Korea defies chip industry downturn
9Gov't to provide $293 billion in trade financing to revitalize exports Gov't to provide $293 billion in trade financing to revitalize exports
10K bank decides to delay IPO plan K bank decides to delay IPO plan
Top 5 Entertainment News
1Major webtoon platforms' fight against piracy Major webtoon platforms' fight against piracy
2ENHYPEN-inspired webtoon 'Dark Moon: The Blood Altar' surpasses 100 million views ENHYPEN-inspired webtoon 'Dark Moon: The Blood Altar' surpasses 100 million views
3Kim Da-mi, Jeon So-nee team up for coming-of-age film 'Soulmate' Kim Da-mi, Jeon So-nee team up for coming-of-age film 'Soulmate'
4Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth' Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth'
5'Ant-Man 3' promises bigger, better action with same family dynamic: cast 'Ant-Man 3' promises bigger, better action with same family dynamic: cast
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group