$10 billion fiscal package is launched by South Korea to spur jobs

$10 billion fiscal package is launched by South Korea to spur jobs

A 11.2 trillion won ($10 billion) fiscal stimulus package has been announced by South Korea’s new government on Monday. The initiative is expected to increase social welfare subsidies, thus taking steps to deliver on President Moon Jae-in's election pledge to generate up to 810,000 public sector jobs.

However, Moon's ruling Democratic Party experiences a challenge passing the additional budget bill. It’s because it just holds 40% of the 299 seats of the National Assembly and it would require the support of more than 30 opposition lawmakers.

Both parties in the conservative opposition - the Liberty Korea Party and the Bareun Party - have told the increased welfare spending could turn to be quite unsustainable. They also stressed that the plan fails to meet legal requirements.

To create public sector as well as social services jobs the stimulus package allocates 5.4 trillion won, including places for teachers, fire fighters and postal workers, as the ministry revealed.    

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