S. Korea to propose US$3.8b extra budget, bigger subsidies to boost jobs

South Korea said Friday it would propose a 4 trillion won (approx, A$4.6 billion) supplementary budget and boost business subsidies to help cut the country's high youth unemployment, which it sees reaching a dangerous level.

South Korean President Moon Jae-in Source: Getty Image

Youth unemployment in South Korea hit record levels last year. By offering more incentives, President Moon Jae-in hopes to increase the full-time job prospects for millennials in the face of challenging job market conditions, which has prompted many to postpone their marriage and pushed others into poverty.

Insightful analysis by Korean political commentator Jung-sik Seo is available on the audio news.