Hong Nam-ki: Urgent Need to Strengthen Hope Ladder Directly Supporting Youth Employment, Housing, and Asset Formation

"'Apeunikka Cheongchun' Style Personal Effort vs. the Need for Government Support"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is speaking at the Central Emergency Economic Countermeasures Headquarters meeting held on the 12th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Sejong=Asia Economy Reporter Kim Hyunjung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, emphasized the urgent need to strengthen the "Hope Ladder" program that directly supports youth employment, housing, and asset formation. He also stated that the government’s support direction for the younger generation will be prepared through the second half economic policy direction to be announced next month.

On the 17th, the day of Coming-of-Age, Deputy Prime Minister Hong wrote on his social media (SNS), "The approach to youth issues must change," adding, "Rather than the past notion of 'Youth is painful,' individual efforts, government interest, concern, and support are truly needed in five major areas: youth employment (entry into the workforce), marriage, housing, living, and culture." He explained, "It is urgent to strengthen the youth hope ladder that directly assists these areas. Last year, the Youth Basic Act was enacted and came into effect (August), and the Basic Youth Policy Plan (2021?2025) was established. This year, a large-scale dedicated policy organization at the first-grade level called the Youth Policy Office was created within the Prime Minister’s Office, which is very welcome and reflects the government’s will and support."

He repeatedly emphasized the government’s commitment to support in employment, housing, and asset formation. Deputy Prime Minister Hong said, "In the employment sector, we will strengthen the creation of quality jobs and reinforce the right to employment," adding, "We will support youth’s entry into the labor market through the National Employment Support System, various youth employment promotion incentives, and activate youth entrepreneurship through Challenge K-Startup and the Youth Entrepreneurship Academy, helping young people wisely navigate the employment and startup battlegrounds."

He continued, "We will make maximum economic policy efforts to improve housing issues, one of the biggest concerns for the younger generation," explaining, "We will supply 273,000 youth-specialized housing units such as youth housing in urban areas and university dormitories, so that more than 10% of the 2.26 million youth households renting monthly or yearly can live in quality youth housing." He also added, "We will alleviate housing cost burdens through separate housing benefits for youth living apart from their parents, operation of youth-exclusive low-interest loan products, and youth-preferred subscription savings accounts."

Regarding asset formation, he said, "We will make the Hope Savings Account and Youth Savings Account for vulnerable youth, and support lump-sum savings for youth employed in small and medium enterprises to serve as stepping stones for social starting assets," emphasizing, "Policy detail and support efforts for the domestic asset market, which is of high interest to youth, need to be strengthened. However, one of the most important solutions for the entire youth population is to provide more quality youth jobs."

He also expressed the intention to reflect this government will in future policies. He stated, "We will listen more closely to the voices of young people, including those who have come of age, so that our youth generation can take risks and achieve their dreams without worries," adding, "We will strive to faithfully reflect the government’s support direction and will in the second half economic policy direction to be announced in June, the 2021 tax reform plan to be prepared in July, and the 2022 budget bill to be submitted to the National Assembly in September."

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