S. Korea to encourage more economic participation amid rapid decline in population
Arirang News
2020-08-27
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Korea has announced new plans to respond economically to the shrinking of the country's population.
It'll encourage more people, like senior citizens and women, to join the workforce by providing incentives... and making maternity leave more flexible.
Kim Sung-min reports.
South Korea aims to expand the economic participation of women, young people and the elderly to deal with the continuous decline in population.
Meeting with economy-related ministers on Thursday, Finance Minister Hong Nam-ki said South Korea's total fertility rate for the second quarter fell to its lowest ever at zero-point-eight-four, and stressed the need for more government measures.
"The changes in population could lead to a decline in economic growth while increasing the burden of supporting the elderly. This could pose a great threat to the economy and society as a whole so the government measures are not an option but a matter of survival."
To encourage more women in the workplace, maternity leave has become more flexible.
Women will be allowed to split their maternity leave into several blocks, and to support this, firms that provide the leave or allow shortened work hours will receive incentives.
The government also aims to provide job support for young people and find those that have given up looking for jobs.
As for the elderly, the government will discuss policies to keep them in the workplace for longer.
Employment data for the 65 to 69 age group will be monitored and released to the public.
The age standard for special treatment of seniors such as discounts will also be raised from the current 65 to around 70.
To provide a skilled workforce for small and medium-sized businesses, more foreign workers will be allowed to hold dual citizenship.
Also, some foreign students who majored in natural sciences and engineering will be eligible to work in the country.
In addition to these measures, the government will also try to amplify the productivity of individual workers by expanding lifelong education opportunities as well as short term and long term job training.
Kim Sung-min, Arirang News.
Korea has announced new plans to respond economically to the shrinking of the country's population.
It'll encourage more people, like senior citizens and women, to join the workforce by providing incentives... and making maternity leave more flexible.
Kim Sung-min reports.
South Korea aims to expand the economic participation of women, young people and the elderly to deal with the continuous decline in population.
Meeting with economy-related ministers on Thursday, Finance Minister Hong Nam-ki said South Korea's total fertility rate for the second quarter fell to its lowest ever at zero-point-eight-four, and stressed the need for more government measures.
"The changes in population could lead to a decline in economic growth while increasing the burden of supporting the elderly. This could pose a great threat to the economy and society as a whole so the government measures are not an option but a matter of survival."
To encourage more women in the workplace, maternity leave has become more flexible.
Women will be allowed to split their maternity leave into several blocks, and to support this, firms that provide the leave or allow shortened work hours will receive incentives.
The government also aims to provide job support for young people and find those that have given up looking for jobs.
As for the elderly, the government will discuss policies to keep them in the workplace for longer.
Employment data for the 65 to 69 age group will be monitored and released to the public.
The age standard for special treatment of seniors such as discounts will also be raised from the current 65 to around 70.
To provide a skilled workforce for small and medium-sized businesses, more foreign workers will be allowed to hold dual citizenship.
Also, some foreign students who majored in natural sciences and engineering will be eligible to work in the country.
In addition to these measures, the government will also try to amplify the productivity of individual workers by expanding lifelong education opportunities as well as short term and long term job training.
Kim Sung-min, Arirang News.
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