Ministry of Employment's 2024 Budget 33.6825 Trillion Won... 78.6 Billion Won Increase Over Government Proposal for Youth Employment Support

The Ministry of Employment and Labor's budget for next year has been finalized at a total expenditure scale of 33.6825 trillion KRW.

On the 21st, the National Assembly held a plenary session and approved and finalized the '2024 Budget and Fund Operation Plan.'

The original government budget was set at 33.6039 trillion KRW, but during the National Assembly's budget review process, 81.5 billion KRW was increased across 23 projects including youth employment support and work experience support, while 2.9 billion KRW was cut from 6 projects such as the operation of employment stability institutions, resulting in a final increase of 78.6 billion KRW compared to the government proposal.

The 2024 budget for the Ministry of Employment and Labor will be intensively invested in the 'Three Major Tasks for Building a Labor Market of Coexistence and Solidarity,' which include ▲creating fair and safe workplaces ▲supporting sustainable job creation ▲promoting labor market participation.

First, to alleviate unfair disparities, a budget for the Integrated Wage Information System (2.8 billion KRW) and new industry-specific wage system consulting (6 billion KRW) has been newly included. The government will partially support contributions for users and workers enrolled in the Small and Medium Enterprise Retirement Pension Fund system, and expand support for joint labor welfare funds when coexistence agreements are signed. For vulnerable workers, a new project will be established to protect the rights and interests of unorganized vulnerable workers such as non-regular workers and to support job creation.

Support will also be provided for matching vacant jobs with suitable personnel. The 'Regional Plus Job Project,' where local governments provide linked and additional support to central government job projects tailored to regional and industrial characteristics, will be expanded, and employment support funds will be provided to youth employed in industries with job vacancies to help resolve companies' recruitment difficulties.

To reduce the burden on working parents, when both parents take parental leave within 18 months after the child's birth, parental leave pay will be increased for the first six months, and if both parents use parental leave for three months or more, an additional six months will be granted (from 1 year to 1 year and 6 months).

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