The government will more than double subsidies to increase jobs for people in their 50s and 60s.

The Employment and Labor Ministry held an economy-related ministerial meeting Monday and announced a set of measures to create more jobs for the demographic dubbed the "new middle-aged."

One plan is to more than double the number of recipients of employment promotion subsidies to five-thousand next year.

The ministry estimated the plan will require a budget of some 27-point-four billion won next year. 

Employment promotion subsidies for the 50s and 60s age group were first introduced in January.

Under the job creation project, a small-sized firm hiring an employee 50 years or older receives monthly support of 800-thousand won per worker for the duration of one year, while a mid-sized firm receives half this amount for one year.