South Korea announces major youth employment and startup expansion plan

The South Korean government has announced a comprehensive youth employment recovery plan aimed at increasing private and public sector jobs by approximately 50,000 next year. By 2030, the initiative seeks to create 100,000 private-sector jobs, 100,000 public-sector jobs, and foster over 100,000 young entrepreneurs. The plan focuses on expanding vocational training in high-growth industries such as AI, biotechnology, and new materials, while providing career development support through a new ‘Career Bank’ system.

To incentivize employment in non-metropolitan areas, the government will increase subsidies for young workers in those regions and introduce preferential tracks for savings programs. Additionally, tax support and new loan guarantees will be provided to encourage startups in emerging industries.

At the local level, Sunchang County has successfully completed its ‘2024 Youth Worker Seed Money Support Project,’ providing 549 young residents with up to 11.15 million won each through a matched savings scheme. Meanwhile, the Sunchang Fermentation Tourism Foundation is launching the ‘Sunchang Village Market’ at the Fermentation Theme Park to promote local food and culture through monthly markets.