Sim Sang-jung Targets Youth with 'COVID Opportunity Loss' Compensation: "100,000 Jobs and Emergency Loans of 3 Million Won"

Sim Sang-jung "In the COVID Era, Compensation Needed for Youth Opportunity Loss"
On the 13th, Announces Pledge for 100,000 Free Employment Training, Debt Relief, and Community-Led Youth Jobs

[Asia Economy Reporter Oh Ju-yeon] Sim Sang-jung, the presidential candidate of the Justice Party, announced on the 13th a pledge titled 'Compensation for Youth Opportunity Loss,' targeting young people who lost opportunities for education, training, and employment during the COVID-19 era. The pledge includes free employment education for graduates, debt reduction, and the creation of 100,000 youth jobs.

Sim Sang-jung, the Justice Party presidential candidate, is attending the Emergency COVID-19 Response Election Committee meeting held at the National Assembly on the 9th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

On this day, Candidate Sim stated at the National Assembly in the morning, "The COVID generation, who attended school or entered society from 2020 to 2022 when COVID-19 struck hard, had to endure inadequate education and training or interruptions, and are facing double or triple hardships in entering the labor market," announcing the pledge with these contents.

Candidate Sim explained, "The employment shock was greatest among the youth," adding, "In 2020, the overall employment rate was in the 60% range, but the youth employment rate dropped to 42%, and the youth unemployment rate rose to 10%, while the overall unemployment rate was around 3-4%." He diagnosed, "Due to reduced new hires by companies, the number of job seekers reached a record high of 867,000, and the number of marginal youth preparing for employment while working part-time is increasing. Even if the economy improves, companies are likely to prefer new graduates and avoid hiring long-term unemployed individuals."

He emphasized, "It is not a situation where individuals can be left to handle it on their own according to their abilities," and stressed, "Compensation is needed for the opportunity loss of youth caused unexpectedly by COVID-19."

First, Candidate Sim promised free employment education and COVID-related debt reduction for COVID graduates. He said, "We will expand the 'Lifelong Education Voucher' currently provided to low-income groups to give 700,000 KRW each to about 1.2 million COVID-era graduates and discharged soldiers, and guarantee that it can be used without time limits. We will exempt the 15-55% self-payment burden when using the current 'Tomorrow Learning Card,' and waive tuition fees (about 2.6 million KRW annually) for admission to Korea Polytechnic University within five years after graduation or discharge."

Additionally, he said, "We will support preparation for social entry through bold debt reduction," pledging to fully cover the interest on the 'Sunshine Loan Youth' living expense loans received by low-income youth from 2020 to 2022, and extend the repayment period from 15 to 30 years to reduce repayment burdens. He added, "For youth in financial crises who have used high-interest private loans or suffered from loan sharking, or who are struggling financially, we will provide emergency loans up to 3 million KRW with no interest, no collateral, and no credit check."

He also proposed creating 100,000 youth jobs. Candidate Sim said, "We will expand and upgrade the current region-led youth jobs to provide urgent jobs for local youth," pledging to increase the number of jobs for youth aged 15 to 39 from 25,000 annually to 100,000, a fourfold increase, and guarantee wages at the living wage level (currently 1.88 to 2 million KRW → 2.15 to 2.38 million KRW). Along with this, he said free psychological counseling would be supported by establishing youth psychological healing centers nationwide.

Candidate Sim pointed out, "The biggest victims of two-party politics are the youth," and said, "There is no policy to change their lives, only political strategies that call on youth." He emphasized, "The Sim Sang-jung government will end the unstable lives of youth," and "We will take seriously the damage caused to youth by COVID-19 and compensate for opportunity loss."

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