Park may contribute to fund for young workers

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Park may contribute to fund for young workers

President Park Geun-hye ordered her Cabinet to come up with a plan to create a fund to boost job creation for the young, the Blue House said Tuesday.

Park chaired a Cabinet meeting at the presidential office in the morning and discussed creating a youth employment fund with her ministers, said Ahn Chong-bum, senior presidential secretary for the economy.

The fund will not use the government budget. It will be operated as a social fund financed with donations. Grants will be offered for vocational training for the young and to start pilot programs of social businesses.

“President Park and the Cabinet ministers agreed to share the burden for the labor market reforms pushed forward through the grand compromise of the unions, employers and the government,” Ahn said.

A commission comprised of representatives of unions, companies and the government formally approved an agreement to overhaul the labor market Tuesday morning. The deal, concluded on Sunday after months of negotiations, was approved by the Economic and Social Development Commission. The agreement to improve employment flexibility still requires labor laws to be amended.

According to the Blue House, Park is considering donating a part of her monthly salary to the fund in order to encourage public participation. Other ministers are expected to follow suit.

“I want to play a starter role to raise resources to hire the young,” Park said during opening remarks for the Cabinet meeting. “I hope many people, including Cabinet ministers, will participate to build a society where we can share the burden.”

She also said the country must work hard to hire the young in order to respect the spirit of the recently agreed labor reforms.

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