Seoul City to Create 410,000 Jobs with 2.7 Trillion Won Investment

Record-Breaking Job Creation: 80% in the First Half of the Year
Building a Safety Net for Youth Employment and Vulnerable Groups
Selection and Support for 50 Seoul-type Small Giants

The Seoul Metropolitan Government has decided to invest 2.7 trillion KRW this year to create a total of 410,000 jobs. This is an extraordinary measure aimed at alleviating public hardships and stabilizing the labor market through jobs linked with the city and investment-funded institutions.

On the 16th, Seoul announced that it will focus a budget of 2.7 trillion KRW this year on providing direct and indirect jobs, implementing a comprehensive employment policy that covers everyone from youth to middle-aged and vulnerable groups. Amid worsening public hardships due to consumption contraction and sluggish domestic demand, this is a follow-up support measure following the city’s announcement on the 2nd of a funding supply plan to help small and medium-sized enterprises and small business owners overcome management crises. To accelerate the recovery of the livelihood economy, Seoul plans to select and promptly provide 80% (about 330,000) of the 410,000 jobs early in the first half of this year.

Direct and Indirect Support by City and Investment-Funded Institutions... Detailed Support by Youth Employment Sector

Specifically, the city and investment-funded institutions will promote the policy by dividing it into 'direct jobs' directly employed by them and 'indirect jobs' supported through employment subsidies, startup support, and job placement. Seoul plans to achieve its job targets through meticulous performance management, including job project progress rates, quarterly achievement rates, and analysis of causes for underperforming projects.

First, given the serious job mismatch among the 'youth resting population' which reached a record high last year (420,000 in Q3 2024), the city will focus on policy support that enhances youth’s vocational skills and experience to help their entry into the labor market. It will expand new industry vocational training through the 'Youth Employment Academy' and intensively promote work experience projects such as the 'Youth Intern Job Camp' and 'Attractive Jobs' to improve job skills.

Seoul will operate 3,500 'Attractive Jobs' in new growth sectors such as AI (Artificial Intelligence), fintech, and blockchain, providing career-building opportunities that serve as stepping stones to private sector employment, as well as 270 'Youth Intern Job Camp' positions offering practical job training and internship experiences at excellent private companies and international organizations.

To support companies facing labor shortages in sectors like software, 100 'Attractive Jobs for Foreign Students' will be provided, and the participation age for job projects will be extended by up to three years for veterans according to their military service period, ensuring job opportunities for young people who have fulfilled their national defense duties.

In preparation for worsening economic conditions such as high inflation and exchange rates and long-term contraction of private jobs, the 'Seoul Companion Jobs' project will be implemented for a total of 12,980 people in the first and second halves of the year to support the livelihoods of vulnerable employment groups such as the unemployed and daily workers. Originating from the 'Comprehensive Unemployment Measures' implemented by the government during the 1998 IMF financial crisis, 'Seoul Companion Jobs' (formerly public work) has been promoted to help vulnerable employment groups who find it difficult to get jobs under normal labor market conditions.

New Start Support for Middle-aged and Older Adults... Support for Seoul-type Small Giants with Workplace Improvement Funds

Customized support measures have also been introduced to address the intensifying early retirement of middle-aged and older adults. Through integrated support tailored to demand, including career diagnosis, practical job training, and one-on-one consulting for 500 retirees from medium and small enterprises, the city will provide a foundation for reemployment and job matching.

For 200 middle-aged and older adults wishing to change careers, specialized training courses linked with the Seoul 50 Plus Campus will be operated. After participating in hands-on experiential courses, they can receive vocational training in popular fields such as global culinary arts, online shopping mall startups, and cafe bakery.

Seoul will also focus on nurturing excellent small and medium enterprises by newly selecting 50 'Seoul-type Small Giants' this year, which offer stable jobs with excellent work-life balance organizational culture, employment stability, and welfare benefits. Selected Seoul-type Small Giants will receive up to 15 million KRW per person, up to three people per company (a total of 45 million KRW), as 'Workplace Improvement Funds' when hiring young residents aged 18 to 39 in Seoul as regular employees. The 'Workplace Improvement Funds' can be used for in-house welfare expenses such as installing or improving childcare facilities, creating rest and convenience facilities, marriage and childbirth congratulatory money, and self-development expenses.

Additionally, the free interview suit rental service 'Employment Wings,' which is very popular among job-seeking youth, will operate at 12 locations throughout Seoul. Since its first year in 2016 with 4,032 users, 'Employment Wings' served 56,668 users last year and a total of over 320,000 users over nine years. Yongtae Joo, Director of Seoul’s Economic Office, said, "This year, Seoul will concentrate all its capabilities on 'taking care of livelihoods' such as job creation and stabilizing the livelihood economy. We will establish a detailed employment safety net that nurtures young talent who will lead future industries while helping middle-aged and older adults and small business owners who are facing difficulties to recover, supporting all citizens who want to work to be able to work."

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