이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
Korean young conscripts with promising enterprise can put off service
- Collected
- 2017.03.23
- Distributed
- 2017.03.28
- Source
- Go Direct
Youth jobless rate has been hovering at historic highs despite repeated action plans. It reached 12.3 percent in February.
Under the new plan endorsed in a cabinet meeting Wednesday, anyone who had started own business upon graduating from school could delay service for up to two years if its business idea gained government funding or entry into competitions. Currently, someone with a record of winning third or higher rank in accredited business or venture idea competitions is able to seek a deferment in conscription.
All physically-able Korean male upon the age of 20 must serve the military for at least 21 months. They can defer enlistment for health and family reasons or for university or higher education engagement.
The government also would draw up a guideline for universities and colleges to make it easier for students to take time off from school to concentrate on a new enterprise. It will up the ceiling for fund aiding youth startups by another 116.9 billion won ($104 million). The government finances around 31 funds worth 555.7 billion won for the purpose.
It would also have financial institutions ease the guideline for joint liability so that young entrepreneurs could start anew easier upon failure on their venture.
By Kim Se-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]