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Korea to increase hiring in public sector this year amid pandemic
Posted : 2021-01-08 17:27
Updated : 2021-01-08 17:27
Vice Finance Minister Kim Yong-beom speaks during a meeting at the Government Complex Seoul, Friday. / Yonhap
Korea plans to increase hiring in the public sector this year, the vice finance minister said Friday, as the job market has been hit hard by the new coronavirus outbreak.
Vice Finance Minister Kim Yong-beom also said the government will hire more than 800,000 people in job posts that are created with fiscal spending in the first quarter. The government will increase hiring at public institutions this year to help younger people who have been frustrated with job seeking, Kim said at an economic meeting, saying that details will be disclosed later this month.
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Rosy outlook
Gov t fails to reflect reality in 2021 economic projection
The government came up with a package of economic policies during an extended meeting of economy-related ministers Thursday, featuring, among others, 3.2 percent growth for the year 2021. It predicted a recovery of both exports and domestic consumption, boosted by the expected improvement of global trade and the semiconductor industry coupled with expanded fiscal measures.
It forecast the creation of 150,000 jobs, and commodity prices climbing by 1.1 percent from this year s zero percent level, prompted by the possible increase in demand. Many experts say the outlook is too rosy even when reflecting a base effect from an economic contraction this year. Three percent growth seems implausible for now in the light of the possibility that the COVID-19 pandemic will continue to surge through early next year.