Lee Administration to Create 200,000 Youth Jobs During Its Term

The Lee Jaemyung administration will create 200,000 jobs for young people and foster over 100,000 young entrepreneurs by 2030.

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul announced on July 13 at the National Fiscal Strategy Meeting held at the State Guest House of the Blue House, "We have prepared customized measures that cover the entire life cycle of young people."

Yonhap News Agency

First, Deputy Prime Minister Koo stated that the government will cultivate 200,000 specialists in the fields of artificial intelligence (AI), semiconductors, and green transition (GX) by linking private companies, universities, and public training systems, focusing on the 'three major mega-projects.'

He went on to say, "For talented young people, we will create a total of 200,000 jobs—100,000 in the private sector in areas such as new industries, science and technology, culture, and finance, and another 100,000 in the public sector. In addition, we will foster more than 100,000 young entrepreneurs by introducing initiatives such as 'Startups for All' and a 'Youth Specialized League.'"

Regarding youth housing policies, he announced, "We will supply new types of public rental housing with quality comparable to private housing in prime locations such as near subway stations and prioritize their allocation to young people."

He added, "We will quickly provide rental housing for youth by utilizing urban purchase-rental schemes, and alleviate the burden of housing costs by introducing rent stabilization mechanisms."

In terms of asset building, he stated that the government will launch a youth-type Individual Savings Account (ISA) and strengthen support for young employees at small and medium-sized enterprises to help the younger generation accumulate substantial savings.

Additionally, the government will promote the earlier introduction of retirement pensions and consider lowering interest rates on the Sunshine Loan Youth program for high-school graduates preparing for employment.

Deputy Prime Minister Koo also proposed measures to ease the so-called 'marriage and childbirth penalties,' such as improving income requirements for newlywed housing loans and expanding free childcare and education for infants.

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