The Ministry of Employment and Labor plans to inject two-point-six trillion won this year to address the nation’s youth unemployment.
 
The ministry unveiled the plan on Monday during its new year policy report to Acting President Hwang Kyo-ahn.
 
The ministry first plans to expand the existing government program that provides financial assistance to employees at small and medium-sized companies to cut down their turnover rate.  

Under the program, if regular workers aged between 15 and 34 make a contribution of three million won, they will get a total of 12 million won in financial assistance after working in the same workplace for two years. Three million won will come from their employer and six million won from the government. The program will cover 50-thousand people from the current six-thousand. 
 
The ministry also plans to encourage more local governments to provide up to 600-thousand won for three months for youths of low-income families going through job interviews. Incheon is set to implement the system from April.
 
For high school students who do not wish to go to college, the ministry will expand a program under which youths can get job training from two-year colleges or other vocational training facilities.