A New 'Youth Financial Life Support Division' to Be Established at the Financial Services Commission... Launching Next Month

Legislative Notice Procedure Completed... Enforcement on April 7
Operated as Evaluation Target Until End of March 2024
Overall Coordination of Financial Life Policies for Youth

The financial authorities are establishing a dedicated department for youth finance. They plan to launch it as soon as the organizational restructuring is completed on the 7th of next month, with additional personnel recruited.

According to industry sources on the 31st, the Financial Services Commission recently completed the legislative notice procedure to create the "Youth Financial Life Support Division" within the Financial Consumer Bureau. This division is being established by the FSC to efficiently implement policies related to the financial lives of young people.

The sub-organizations within the Financial Consumer Bureau will increase from six (Financial Consumer Policy Division, Microfinance Division, Household Finance Division, Capital Market Division, Asset Management Division, Fair Market Division) to seven. The staff will increase by four, with one additional person each at grades 4, 5, 6, and 7, expanding the total FSC staff from 221 to 225. One additional secretary-level and technical secretary-level staff, and one administrative officer and IT officer will be added. One administrative assistant and one IT assistant, as well as one administrative junior officer and one IT junior officer, will also be secured. The budget will be reallocated from the already secured budget for this year.

The organization will operate as an evaluation target until the end of March 2024. According to the 2021 government management guidelines, when the Ministry of the Interior and Safety creates sub-organizations through organizational amendments, it conducts performance evaluations on the organization and newly recruited personnel for a certain period. This is to enhance organizational performance and ensure accountability and efficiency. The operation period is within three years, and the Ministry of the Interior and Safety evaluates the work performance before the period expires. After a review meeting, the evaluation period may be excluded or extended, and the organization may be downsized or abolished.

Once the head of the Youth Financial Life Support Division is appointed, they will oversee and coordinate policies related to the financial lives of young people. They will also handle cooperation and coordination with related ministries and external organizations, conduct surveys and field communication related to youth financial life, and manage the enactment and revision of laws and regulations.

This restructuring was carried out as the government created dedicated organizations or reinforced personnel in nine ministries, including the Ministry of Economy and Finance, to alleviate the difficulties faced by the youth generation and provide comprehensive support. Nam Hyung-gi, Director of the Youth Policy Coordination Office at the Office for Government Policy Coordination, emphasized, "We will work closely with each ministry's youth policy department to ensure that youth policies across the government are implemented organically."

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