Park Hyungjoon Announces Comprehensive Job Policy Plan
"2.1 Trillion Won Investment, 67.1% Employment Rate"
Four Key Strategies and Sixteen Tasks to Create a 'Job City'
Busan City has announced a plan to create the largest number of jobs ever, taking a bold stand against the rigid employment market. As a cold wave in employment is expected, attention is focused on whether Busan City's bold approach will succeed.
Busan City (Mayor Park Hyungjoon) announced on the 1st that it has established the “2025 Comprehensive Job Policy Plan” to leap forward as a city centered on citizen happiness and future jobs.
Busan City plans to invest a total budget of 2.1 trillion won this year to create 192,000 jobs and achieve an employment rate of 67.1% for those aged 15 to 64.
The city explained that this plan was established based on the comprehensive job policy plan for the 8th popularly elected administration, reflecting recent changes in the employment market. Detailed targets were also presented, including a youth employment rate (ages 15-29) of 46.3%, a female employment rate (ages 15-64) of 59.0%, and 940,000 regular workers.
As difficulties in the employment market are expected this year, the city set its job creation target at a record high of over 190,000 to actively support local employment stability and job creation.
The comprehensive plan is organized under the vision of “Busan, a city centered on citizen happiness and future jobs,” and includes four major strategies and 16 action tasks: ▲Revitalization of the local employment market ▲Creation of innovative growth jobs ▲Establishment of a foundation for future jobs ▲Creation of customized jobs for each target group.
To “revitalize the local employment market,” the city will strengthen the creation of regionally specialized jobs such as in tourism and exhibition complex industries (MICE), and resolve job mismatches by advancing employment service functions.
The “4050 Employment Promotion Support Project” to create regular jobs for the middle-aged will be expanded, and a new “Business Closure Small Business Employment Transition Promotion Package” will be launched for small business owners hoping to transition jobs due to the recent economic downturn.
To “create innovative growth jobs,” the city will foster digital innovation talent and establish a digital industry base to promote digital transformation of the local economy. It will also focus on nurturing future high-tech industries such as semiconductors, new materials, and future vehicles, as well as upgrading key industries like machinery parts, shoes and textiles, and shipbuilding and equipment.
In addition, Busan-type anchor companies that will lead innovative growth of local businesses will be selected and supported, and a total of 893 billion won in policy funds, an increase of 31.5 billion won from last year, will be provided to help local SMEs overcome financial difficulties and achieve stable growth.
To “establish a foundation for future jobs,” the city will focus on attracting investment from excellent companies, especially in high-tech sectors, and will fully operate the “Regional Innovation-Centered University Support System” (RISE) to support innovation for local companies and universities.
Also, by nurturing promising startups centered on the Busan Technology Startup Investment Institute, the city plans to build a virtuous startup ecosystem and continue efforts to become a financial hub through the creation of a Financial Opportunity Development Zone, relocation of Korea Development Bank, and fostering the digital finance industry.
In particular, starting this year until 2033, a new “Busan Industrial Transformation Green Fund” worth a total of 2.3 trillion won will be established to lead the transition to a high value-added industrial structure.
Through “creation of customized jobs for each target group,” the city will support customized job creation for various groups, including youth, women, seniors, and people with disabilities. The “Youth Job Growth Project,” a customized support program for each stage of youth job seeking, will be expanded to provide integrated support from youth employment to workplace adaptation and job retention.
To boost youth motivation for work, the Busan Youth Work Joy Card and Double Joy Savings Account will also be expanded. In addition, the number of “Our Neighborhood ESG Centers” will increase from 5 to 10 to continue expanding eco-friendly senior jobs.
The newly established 2025 Busan City Comprehensive Job Policy Plan can be found on the city's official website under pre-disclosed information.
Mayor Park Hyungjoon said, “We will continue to strive to revitalize the employment market and create jobs led by the region, focusing on this plan,” and added, “We will support vulnerable groups in employment to stabilize livelihoods and focus on creating future jobs in digital and eco-friendly sectors.”
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