BUSINESS

Finance minister vows to create more jobs

By Yonhap
  • Published : Dec 6, 2017 - 14:38
  • Updated : Dec 6, 2017 - 14:38

South Korea's chief economic policymaker vowed Wednesday to create more jobs even though the employment situation is not favorable at present.

In a meeting with a group of employees of a local firm in southern Seoul, Finance Minister Kim Dong-yeon said the government's top priority is to generate good jobs. "This year's economic growth is expected to top 3 percent and exports remain bullish," Kim said. "But employment conditions are still facing difficulties."

Finance Minister Kim Dong- yeon (Yonhap)

Some 20 trillion won ($18.3 billion) has been earmarked for job creation, the finance minister said, adding that the government will redouble efforts to create quality jobs.

South Korea's jobless rate dropped to its lowest level in 10 months in October, but the rate of the fall slowed down, recent data showed.

The unemployment rate stood at 3.2 percent in October, down 0.2 percentage point from the same month last year, according to a report compiled by Statistics Korea. From a month earlier, it also fell 0.2 percentage point.

The figure marked the lowest rate since December last year, when it also hit 3.2 percent.

The number of employed people reached 26.85 million in October, up 279,000 from a year earlier, a slower increase than the previous month's rise of 314,000.

The unemployment rate for young people -- those aged between 15 and 29 -- was 8.6 percent, up 0.1 percentage point from a year earlier. (Yonhap)