Vice Minister Gi: "Dangjeongcheong to Begin Full-Scale Discussions on Disaster Relief Funds After Seol"

Actively Prepare 'Additional Job Measures' Beyond Youth and Women When Necessary

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, stated on the 10th regarding the discussion of the 4th disaster relief fund, "The ruling party, government, and the Blue House will begin full-scale discussions on the scale, content, and timing of the supplementary budget (추경) after the Lunar New Year holiday."

At a briefing of the Central Disaster and Safety Countermeasures Headquarters held at the Seoul Government Complex on the same day, Vice Minister Kim said, "We are conducting an in-depth analysis of the extent of damage to industries affected by social distancing measures." Currently, the government is reviewing the effectiveness of existing COVID-19 support programs and analyzing the damage across various industries.

He added, "As Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said, the principle is to provide more substantial support and reinforce assistance for blind spots," and stated, "The government will actively engage in discussions on the supplementary budget formulation after the Lunar New Year."

Vice Minister Kim also mentioned that if necessary, additional job creation measures beyond youth and women will be actively prepared.

Regarding the decrease in employment across all age groups in the January employment trend, he said, "We are focusing on creating jobs for vulnerable groups such as youth and women who are facing concentrated difficulties," but added, "If necessary, we will actively prepare additional measures." He explained, "Youth employment measures are in the final stages, and regarding women's job measures, we are reviewing vocational transition plans."

Concerning the decrease in jobs for the elderly, he analyzed, "There was a significant frictional factor as last year's job projects ended and the timing of this year's budget project resumption coincided." He also added, "There were also impacts from strengthened quarantine measures and heavy snowfall in January."

Meanwhile, the number of employed persons last month was 25,818,000, shrinking by 982,000 (-3.7%) compared to the previous year. By age group, employment decreased across all age groups: 20s (-255,000), 30s (-273,000), 40s (-210,000), 50s (-170,000), and 60 and above (-15,000).

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