Ministry of Employment and Labor-Korea Employers Federation Sign 'Youth Employment Support Project' Agreement on 3rd
Samsung Electronics, SK Hynix, POSCO, Lotte Join 'Youth Employment Support Membership'
[Sejong=Asia Economy Reporter Moon Chaeseok] Leading companies in South Korea such as Samsung Electronics, SK Hynix, POSCO, and Lotte, which provide the best job-seeking education programs, are joining forces with the government to offer comprehensive support for youth job seekers. They have agreed to jointly promote a project aimed at overhauling youth hiring practices, including enhancing job competency, providing work experience, and spreading a culture of fair recruitment.
On the afternoon of the 3rd, the Ministry of Employment and Labor signed a memorandum of understanding (MOU) with the Korea Employers Federation regarding the 'Youth Employment Support Project' and certified four companies that joined the 'Youth Employment Support Membership.' Earlier, on June 29, the government announced plans to increase the number of trainees in job-seeking programs at Samsung Electronics, SK Hynix, and POSCO from 1,500 to 3,000. This time, they plan to push for groundbreaking improvements in youth hiring culture, including recruitment practices.
The core of this project is a system where companies and employer organizations take the lead while the government provides consulting and financial support. The goal is not simply to increase regular employment but to strengthen job competencies, offer work experience opportunities, and promote a culture of fair recruitment. At the event, they signed an MOU to establish a platform for project expansion and certified the membership of four companies, including Samsung Electronics.
The four companies plan to operate recruitment programs for a total of 3,000 job seekers. Samsung Electronics' 'Samsung Youth Software (SW) Academy' accepted 950 trainees in its 6th cohort this year and plans to increase that number to 2,300 annually next year. The program focuses intensively on practical skills needed for the job, such as algorithm-based coding education and self-directed project development over one year. SK Hynix's 'Youth Hy-Five' program, which will accept 400 trainees in the second half of the year, is a four-week program where current SK Hynix experts directly provide semiconductor education. POSCO plans to increase its 'For You Dream' program trainees from 200 this year to 300 next year. The program teaches the principles and applications of artificial intelligence (AI) and big data technologies, featuring pre-learning opportunities for non-majors. Lotte is strengthening its feedback service that informs unsuccessful new hires of the reasons for their rejection.
If the Youth Employment Support Program spreads throughout the business community, it is expected that opportunities for youth to participate in job training and work experience will increase. Korea Employers Federation Chairman Sohn Kyung-shik emphasized, "If the business community and government use the MOU as a stepping stone and steadily work on what can be done now, such as spreading best practices, we will be able to achieve the difficult goal of 'solving youth employment issues.'" Minister of Employment and Labor Ahn Kyung-duk responded, "Young people today face much harsher competition than the previous generation did when they were young, with an average of 10 months from graduation to employment," adding, "The government will actively support creating a social atmosphere and spreading excellent programs together with the Korea Employers Federation."
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