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

Home > Business > Economy

print dictionary print

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

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.

More in Economy

The robots are rising faster in Korea than elsewhere

Monthly births hit an all-time low in November 2020

FOMO jumps the Han River as young buyers panic over property

GDP growth goes negative for only the third time

$1 billion of losses expected at state power companies

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now