Vice Minister of Economy and Finance: "'3 Million Won Per Person' National Employment Support Program Has 57% Youth Participation... Establishing Itself as Korea's Unemployment Assistance"

Presiding over the "14th Policy Review Meeting" on the 23rd
"Eggs, 15 million additional imports by the 26th... Early price stabilization"

Lee Eok-won, First Vice Minister of the Ministry of Economy and Finance, is delivering a speech at the 14th Innovation Growth Strategy Review Meeting, the Korean New Deal Review Task Force, and the 10th Price-Related Vice Ministers' Meeting held on the 23rd at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, announced on the 23rd that "about 200,000 people have been recognized as eligible for the National Employment Support System, with approximately 113,000 youths accounting for about 57%."

On the morning of the same day at the Government Seoul Office in Jongno-gu, Seoul, during the '14th Policy Inspection Meeting,' Vice Minister Lee said, "The government will continue to monitor so that the National Employment Support System can firmly establish itself as a Korean-style unemployment assistance."

According to Vice Minister Lee, as of the 21st, about 265,000 people applied for the National Employment Support System, and about 200,000 were recognized as eligible, with youths accounting for 57% of that number. Through this system, implemented in January, the government provides employment support services and livelihood assistance of 500,000 KRW per month for up to six months to vulnerable employment groups such as low-income job seekers, unemployed youths, and women with career interruptions.

Vice Minister Lee explained that the support amount has been increased, measures to prevent fraudulent claims have been taken, and the evaluation system has been refined to help participants find quality jobs.

He stated, "The government has expanded the support scale through supplementary budgets and relaxed support requirements for youths who have given up job seeking and workers in industries subject to gathering bans and business restrictions. The scope and criteria for recognizing job-seeking activities have been specified, and various evaluation methods, including participant satisfaction, are being used in addition to employment and retention rates when assessing private consignment agencies."

Vice Minister Lee assessed that consumer prices could rise sharply in the second quarter of this year due to the base effect, as consumer prices were very low last year because of COVID-19. Regarding this, he announced plans to increase imports to stabilize egg prices early. Although no additional outbreaks of avian influenza (AI) have occurred since the 11th of last month, he emphasized the intention to increase imports to stabilize prices promptly.

He said, "The government aims to achieve early price stabilization by responding to supply-demand imbalances through sufficient imports until the number of laying hens returns to normal in June. Egg import volumes this month will be increased from the original target of 25 million to 40 million."

He added, "The 25 million eggs are being imported as planned, and contracts for an additional 15 million eggs will be signed by the 26th to supply them quickly domestically. The additional imported fresh eggs will be supplied mainly to large processing companies to ensure they reach consumers. Egg imports will continue next month, and a one-on-one inspection system for farms that culled chickens in June will be established to accelerate the recovery of the poultry industry."

He also pledged to accelerate the New Deal policy. Vice Minister Lee said, "The 'Green Remodeling' project, which remodels about 80,000 old public buildings into eco-friendly buildings, will be systematically promoted according to building characteristics and expanded to local government rental housing."