“The employment opportunities for young people are narrowing due to preference for experienced workers”… Government holds youth policy debate and discusses support measures
⚡ Quick Summary
The government has decided to review ways to reflect policies to support young people's employment, entrepreneurship, asset formation, housing, and marriage in next year's budget.
The government has decided to review ways to reflect policies to support young people's employment, entrepreneurship, asset formation, housing, and marriage in next year's budget. The Ministry of Planning and Budget announced that it held a ‘Youth Policy Expert Debate’ at the Korea Press Center in Jung-gu, Seoul on the 10th to discuss the current status of youth policy by field and the direction of financial support. At the debate, it was pointed out that the lack of quality first jobs and the growing preference of companies for experienced workers are delaying the settlement of young people in the labor market. A proposal was also made to introduce a ‘career formation package’ that bundles job training, housing expenses, and transportation expenses for young people employed at small and medium-sized businesses. Opinions were raised that support for young people's start-ups should be shifted from free subsidies to investment-type or conditional support, and that follow-up support should be linked to business performance. In the area of asset formation, measures were discussed to strengthen linkage with existing policy financial products such as youth-type Individual Asset Management Account (ISA) and to expand financial counseling and financial education. In the housing area, support policies available to young people were identified and
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