s korea unveils 10bn stimulus to boost jobs welfare
Sunday 29 June 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

S. Korea unveils $10bn stimulus to boost jobs, welfare

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleS. Korea unveils $10bn stimulus to boost jobs, welfare

The stimulus aims to help South Korea's young
Seoul - AFP

South Korea launched on Monday a $10 billion stimulus package to create jobs and bolster welfare programmes in the country faced with slow growth and ageing population. 

The 11.2-trillion won plan is the first since Moon Jae-In was elected president of Asia's fourth-largest economy last month and the finance ministry said it will be mostly funded by tax revenue rather than issuing state bonds.

Under the proposals, Seoul will spend 4.2 trillion won to help create 110,000 jobs -- including 71,000 in the public sector -- while 7 trillion won will be set aside for welfare for the elderly, working mothers and low-income households.

Among the new jobs being targeted are firefighters, police, assistant teachers and social workers, while young job seekers, small businesses and tech startups will also be helped.   

Financial assistance will be increased for women on maternity leave, more daycare centres and nursing homes for the elderly are to be opened, while businesses hiring more full-time workers are to be given extra funding.

"We launched this extra budget as the high unemployment rate among young South Koreans will not be solved without drastic measures," Park Chun-Sup, the ministry's chief of budget, told reporters. 

"There is a concern over a potential mass unemployment... we have nearly 1.2 million young, jobless people," he said.  

Decades of rapid growth saw the South rise from the ashes of the Korean War to become a member of the OECD group of leading economies, but expansions has slowed more recently. 

Economic frustrations were among the factors that fuelled the mass anti-corruption protests that saw former president Park Geun-Hye impeached and arrested over corruption.   

Moon has described creating jobs, especially for the young, as a top policy priority. 

Unemployment among under-30s hit 11.2 percent in April, more than double the rate for the entire working population.

South Korea's economic growth, which hit 2.8 percent in both 2015 and 2016, is expected to further slow to 2.6 percent this year, according to the central Bank of Korea

The country's birthrate is one of the world's lowest and has led to concerns about the burden of welfare funding for the ageing population.

 

GMT 09:17 2017 Saturday ,09 December

Vigorous US job creation continues in November

GMT 09:10 2017 Friday ,08 December

Struggling GE to cut 12,000 power jobs globally

GMT 10:45 2017 Tuesday ,05 December

Facebook opens new London hub, creating 800 jobs

GMT 15:51 2017 Thursday ,16 November

UK jobless rate stays at 42-year low: official data

GMT 08:33 2017 Wednesday ,15 November

Canadians a bit less happy, but satisfied with their jobs

GMT 08:23 2017 Tuesday ,07 November

Turbine maker Siemens-Gamesa says to shed 6,000 jobs

GMT 09:18 2017 Saturday ,04 November

Canada: Amazon to add 1,000 jobs in Vancouver
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

s korea unveils 10bn stimulus to boost jobs welfare s korea unveils 10bn stimulus to boost jobs welfare

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 05:47 2018 Thursday ,18 January

Catalan MPs elect separatist speaker

GMT 07:39 2017 Wednesday ,22 November

Yemen’s army achieve advance in both Sanaa and Taiz

GMT 12:30 2012 Monday ,23 April

Birds can\'t crack them

GMT 13:22 2012 Monday ,30 July

Rihanna in leopard bikini

GMT 10:17 2017 Monday ,20 February

Actress Nabila Ebeid refuses unsuitable roles

GMT 11:39 2017 Tuesday ,10 October

Venus Williams heads back to Sydney after 20 years

GMT 15:26 2017 Tuesday ,08 August

DEWA renews invitation to organisations to partici

GMT 05:11 2016 Friday ,09 September

Minimum wage to be raised in Taiwan

GMT 16:29 2017 Wednesday ,05 April

Muslim Brotherhood could join Algerian government

GMT 20:58 2018 Tuesday ,23 January

Dutch BMX Olympic medallist out of coma

GMT 08:42 2018 Tuesday ,23 January

Russians challenge doping ban

GMT 11:56 2017 Monday ,25 September

Pandya half-century helps India claim ODI series

GMT 14:10 2016 Wednesday ,21 December

New zipline adventure offers loftier perspective

GMT 13:45 2017 Wednesday ,22 February

Kardashian heist suspects talk, but no sign of jewels

GMT 14:58 2017 Sunday ,12 February

Settlement law draws global condemnation

GMT 18:29 2016 Saturday ,25 June

UAE-Peruvian diplomatic relations celebrated

GMT 04:34 2011 Thursday ,24 November

La Belle Dame sans Merci

GMT 23:10 2017 Thursday ,16 February

Offers diet for short bowel syndrome

GMT 13:25 2017 Tuesday ,07 March

Received offer to join Ahly
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle