$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.    


Latest news

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

Deposit with your local payment systems


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera