South Korea approves $3.5b extra budget plan to create jobs

Published: May 21, 2018 14:13:26 | Updated: May 24, 2018 15:52:47

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South Korea's parliament has passed an extra budget plan worth 3.8 trillion won (3.5 billion US dollars) to help create jobs especially among youths.

The government of President Moon Jae-in submitted the supplementary budget plan on April 6, and it was passed through the National Assembly on Monday.

In the parliament, 177 lawmakers favoured the extra budget plan while 50 legislators objected and thirty-four were abstained.

About half of the budget will be spent on creating jobs for the younger generation and helping establish venture companies, reports Xinhua.

The country has struggled to create youth jobs as the unemployment rate among those aged 15 to 29 hovered high.

The high jobless rate led to delayed marriage and discouraged the younger generation to have babies, stoking the concern about a lower working-age population and the consequent consumption slump.

President Moon Jae-in, who took office a year earlier, placed his top priority on job creation among youths in his management of state affairs.

The extra budget will also be spent helping with laid-off workers in southern regions, where key shipbuilders were under restructuring.