Choi says reforms are ‘urgent tasks’ to boost jobs for young

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Choi says reforms are ‘urgent tasks’ to boost jobs for young

Published: 12 Aug. 2015, 21:21

Minister of Strategy and Finance Choi Kyung-hwan pledged to complete the so-called structural reforms in Korea’s four sectors, particularly in the ongoing negotiations for labor market reforms.

At a Cabinet meeting with economy-related ministers in Seoul, Choi said structural reforms for the four sectors - labor, finance, education and public administration - and boosting the service industry are “urgent tasks” to create jobs for young people struggling with a high youth unemployment rate.

Choi said he will focus on pushing pending issues in labor market reform and urged the country’s labor unions to return to the negotiation table. Union negotiators walked away from talks with the government and representatives from employers in April, protesting several issues, including adoption of the so-called peak salary system that cuts the wage of employees years before retirement.