The Ministry of Employment and Labor said on the 23rd that it will launch the 'youth job leap grant' program to support the growth of youth and small corporations.
The youth job leap grant is a system designed to support employers and workers with the goal of stimulating youth employment through the creation of new jobs for young people.
It will provide 720,000 won per month for a year, totaling 8.4 million won, to corporations employing youth with employment challenges. Youth with employment challenges are defined as those who have been unemployed for more than four months, young people with a high school education or below, and young people with less than one year of employment insurance coverage since graduating from their last school.
Additionally, the government decided to provide incentives for young people who obtain jobs in sectors with vacancies, such as manufacturing, if they stay in their jobs for more than 18 months. A bonus of 2.4 million won will be given for 18 months of employment, and up to 4.8 million won will be provided if they continue working for 24 months.
Hong Kyung-ui, the director of youth employment policy at the Ministry of Employment and Labor, noted that "the youth job leap grant is expected to help more young people find employment in a situation where structural factors such as the dual structure of the labor market and the tendency for frequent hiring of experienced workers are increasing the job search burden for young people."