Lee Jae-gap Attends G20 Ministerial Meeting... Efforts on Employment Policy and Introduction of 'Korean New Deal'

Minister Lee Jae-gap of the Ministry of Employment and Labor [Photo by Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Lee Jae-gap, Minister of Employment and Labor, introduced policies to minimize the employment shock caused by the novel coronavirus disease (COVID-19) to the international community and presented the "Korean New Deal" plan on the 10th.

Minister Lee attended the G20 Employment and Labor Ministers' virtual meeting at 8 p.m. (Korea time) that day. Following the special virtual meeting on COVID-19 held in April, the regular meeting originally scheduled to be held in Saudi Arabia this year was held virtually. Member countries discussed social protection measures to mitigate the impact of COVID-19 on labor markets.

Minister Lee shared employment and labor policies aimed at minimizing shocks to the employment market and introduced the Korean New Deal policy to proactively respond to post-COVID changes.

Regarding Korea's policy efforts to overcome the employment crisis, he explained the expansion of employment retention subsidies, extension of designation for special employment support industries, emergency employment stabilization subsidies, support for flexible and telecommuting work activation, and the creation of 550,000 direct jobs.

He also announced plans to support job transitions by fostering future-oriented talents through people-centered investments along with large-scale fiscal input in the digital and green sectors and strengthening employment safety nets.

He mentioned that employment insurance coverage will be gradually expanded so that all working people can receive social protection, and preparations are underway to implement the unemployment assistance program (National Employment Support System) next year to support job-seeking activities and income for vulnerable groups.

On the same day, member countries adopted the G20 Employment and Labor Ministers' joint declaration urging international cooperation amid the COVID-19 crisis. The joint declaration emphasized the need to protect vulnerable groups, support job creation measures, and strengthen social security systems.

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