"Financial Sector Joins Youth Employment...Urgent Need for Consumer Protection and IT Personnel"

So-Young Kim Chairs Financial Sector Youth Job Meeting

[Asia Economy Reporter Yoo Je-hoon] Kim So-young, Vice Chairman of the Financial Services Commission, stated on the 20th, "The financial sector must effectively respond to the decrease in workforce demand in traditional areas due to accelerated digital transformation and the rapid increase in workforce demand in new sectors such as financial IT."

Vice Chairman Kim made these remarks during the 'Financial Sector Youth Employment Meeting' held at the Government Seoul Office in Jongno-gu, Seoul, on the morning of the same day. He said, "Since the financial sector accounts for a significant portion of the economy, we ask for active participation in revitalizing youth employment." The meeting, chaired by Vice Chairman Kim, was attended by executives from the Financial Services Commission, Korea Institute of Finance, heads of associations from various financial sectors, and deputy directors from KEB Hana Bank, Woori Bank, and Busan Bank.

Vice Chairman Kim said, "The government is promoting various employment projects such as strengthening youth work experience support programs and expanding youth intern recruitment in the public sector to reduce young people's anxiety about jobs," adding, "We will contribute to creating new jobs through active regulatory innovation and strengthening digital finance education."

He then mentioned workforce expansion in response to new labor demands in the financial sector, stating, "Personnel related to financial security, anti-money laundering, and internal control to prevent financial consumer damage must be promptly expanded," and emphasized, "In the situation where the financial and non-financial sectors are becoming blurred due to the big blur phenomenon, financial companies must secure sufficient high-quality experts in areas such as MyData and cloud to enhance competitiveness."

Additionally, Vice Chairman Kim called for maintaining personnel to ensure financial accessibility for digital vulnerable groups and marginalized communities, enhancing accessibility to financial sector recruitment information, and strengthening support for innovative companies and excellent job-creating companies in the financial sector to create jobs in the real economy.

During the subsequent meeting, the financial sector shared best practices such as strengthening socially equitable recruitment including high school graduates (Industrial Bank of Korea), expanding recruitment from IT specialized high schools (Shinhan Bank and Woori Bank), and signing industry-academia exchange agreements with specialized high schools (Hanyang Securities). They also agreed to make efforts to share recruitment-related information, including expanding participation in the joint financial sector recruitment fair scheduled for the end of August to reduce uncertainties related to youth job seeking.

Vice Chairman Kim urged participation in revitalizing youth employment in the financial sector, citing, "The Business Roundtable, composed of CEOs of major U.S. companies, has issued a statement pledging to consider the interests of various stakeholders in corporate management," and added, "The authorities will actively listen to field suggestions related to youth employment and consult with relevant ministries and agencies."