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Korean govt proposes $10bn extra budget to create 110,000 jobs

Collected: 2017.06.05

Distributed: 2017.06.08

Source: Go Direct

The South Korean government proposed to create 11.2 trillion won ($10 billion) in addition to the regular 2017 fiscal budget of 400.7 trillion won to finance new President Moon Jae-in’s campaign pledge to boost hiring through increased jobs in the public sector and support to startups and young enterprises.

Under its scheme heading for parliamentary approval on Wednesday, the government appropriates 4.2 trillion won to create 110,000 jobs in the public sector through extra recruitment of 12,000 government employees and private sector through increased subsidies for startups and venture enterprises. Another 3.5 trillion won would go to local governments to finance their separate efforts to bolster regional jobs. The government proposes to spend 2.3 trillion won to help low-income class in housing, education, and medical care and ease air pollution. Another 1.2 trillion would support small merchants.

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The supplementary budget created for the third consecutive year would be financed through 8.8 trillion won surplus in tax revenue and the rest from other reserves without issuing new debt.

The extra budgeting follows better-than-expected economic data with the gross domestic product having grown 1.1 percent in the first quarter, the fastest pace in 18 months, but the recovery has not helped hiring with youth unemployment rate hitting 11.2 percent in April, said Park Choon-seob, director of budget planning at the Ministry of Planning and Finance.

The supplementary budget would be entirely spent on generating jobs, he said.

Once the bill passes the opposition-majority legislative in June, the government plans to execute the spending plan from July.

By Cho Si-young

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