Government 2nd Phase Population TF Discussion Speed... General Team Meeting on the 14th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government plans to make every effort to respond to the decline in the working-age population caused by demographic changes due to low birth rates and aging. Following the formation of the 2nd Population Policy Task Force (TF), the final results will be released around May to June.

According to the Ministry of Economy and Finance on the 1st, the 2nd Population TF General Meeting is scheduled to be held on the 14th. Discussions will continue on strengthening the linkage between lifelong education and vocational training, and on ways to enhance the utilization of idle infrastructure. The background of these discussions is the forecasted rapid decline in the working-age population. Over the next five years, an average of 700,000 to 800,000 people per year are expected to leave the working-age population, while only 400,000 to 500,000 people will enter, resulting in an annual decrease of about 300,000 people.

Unlike the 1st TF, the 2nd Population TF will begin by integrating overlapping tasks with other ministries. A government official said, "Even when looking at lifelong education and vocational training alone, there are overlapping areas," adding, "We are putting great effort into setting tasks from the start to save resources and avoid confusion among the public."

The government is first exploring ways to increase the economic participation rate of women and expand labor market participation among the youth to increase the working-age population. Additionally, plans will be made to actively manage abandoned vacant houses and industrial facilities and utilize them as cultural and leisure facilities to enhance the use of idle infrastructure.

Along with this, financial product development will also be undertaken. Plans include expanding digital financial education for the elderly and developing elderly-specialized financial products to create an elderly-friendly financial environment.

Professor Kim Taegi of Dankook University’s Department of Economics said, "The 2nd Population TF must finalize parts that have not been discussed so far," adding, "The fields of vocational education and lifelong education cannot be managed by government ministries alone. Private sector investment in vocational training institutions must also be encouraged."

Meanwhile, the government plans to submit the results to the Economic Vitality Measures Meeting through focused discussions and announce them sequentially.

This content was produced with the assistance of AI translation services.