Ministry of Employment's Budget for Next Year 36.5 Trillion Won... Leap Incentives for 140,000 Youth Facing Employment Difficulties

2.6%↑ Compared to This Year... Support for Industrial Accident Prevention in Small and Medium Enterprises, etc.

The next year's budget bill amounting to 607.7 trillion won was passed at the National Assembly plenary session on the 3rd. Photo by Yoon Dong-joo doso7@

[Sejong=Asia Economy Reporter Moon Chaeseok] Companies hiring young people facing difficulties in finding jobs will receive a monthly support of 800,000 KRW for one year. Starting January 27 next year, the government budget will be allocated to replace outdated equipment in small and medium-sized workplaces to reduce industrial accidents, coinciding with the enforcement of the Serious Accidents Punishment Act.

According to the Ministry of Employment and Labor on the 3rd, out of the 607.7 trillion KRW budget for 2022 passed by the National Assembly plenary session that day, the budget under the Ministry of Employment and Labor's jurisdiction is 36.572 trillion KRW. Next year's budget is 2.6% (923.4 billion KRW) more than this year's (35.6487 trillion KRW).

The Ministry of Employment and Labor's budget was increased by 66.7 billion KRW compared to the government proposal. During the National Assembly review process, 128.1 billion KRW was added to stabilize the living conditions of low-income workers, prevent industrial accidents, and foster new technology personnel, while 61.4 billion KRW was cut from projects such as the Tomorrow Learning Card and employment creation incentives.

A new budget of 500 billion KRW was established for the "Youth Job Leap Incentive," which supports companies hiring 140,000 young people facing employment difficulties with 800,000 KRW per month for one year. To respond to the rapidly increasing demand for digital talent due to industrial structural changes, the budget allocated to vocational skill development increased from 2.4 trillion KRW this year to 2.6 trillion KRW next year. The budget for the National Employment Support System, which supports the employment of 600,000 low-income job seekers and others, is set at 1.5 trillion KRW for next year.

For industrial accident prevention, 1.1 trillion KRW has been allocated. The Ministry of Employment and Labor plans to assist in replacing dangerous machinery and equipment in small and medium-sized workplaces and support major accident prevention devices in the manufacturing and construction sectors.

The employment retention subsidy, which saw a significant increase in spending during the COVID-19 response this year, will decrease from 1.4 trillion KRW this year to 600 billion KRW next year.

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