Ministry of Employment and Labor to Provide 1.2 Million Won to Youth Employed in ‘Vacant Jobs’ with Labor Shortages

**Expansion of the 'Youth Employment Jump Support Fund' Directly Supporting Young Job Seekers**

The Ministry of Employment and Labor has initiated direct financial support for young individuals who are employed in industries with vacant positions.

On the 5th, the Ministry announced that it had provided an incentive of 1.2 million won to young job seekers who have been employed in sectors with open positions for over six months.

This support is part of the 'Youth Employment Jump Support Fund' project, a policy designed to simultaneously tackle youth unemployment issues and alleviate the labor shortages in industries with vacant positions.

The Youth Employment Jump Support Fund operates in two categories: one supporting small and medium-sized enterprises that hire job-seeking youth aged 15 to 34, and the other supporting young individuals employed in sectors facing labor shortages, such as manufacturing.

**Young Individuals Employed in Labor Shortage Industries**

Image 1

**Expectations for Improved Retention Rates Due to Direct Support for Youth**

Until now, the Ministry has supported small and medium-sized enterprises that hire young individuals with up to 7.2 million won over the course of a year. However, starting this year, a new 'Type II' category has been introduced to provide direct incentives to employed youth as well.

Originally, these incentives were planned to be given at 18 and 24 months of employment. However, due to anticipated economic uncertainties, the incentive payment timing has been advanced to encourage young individuals to stay longer in their jobs.

While the total support amount remains at 4.8 million won, it has been restructured to be disbursed in 120,000 won installments at the 6-month, 12-month, 18-month, and 24-month employment milestones. This change was made through the first supplementary budget allocation in May.

Image 2

According to the Ministry of Employment and Labor, incentives began to be paid in July to 3,282 newly employed youth who participated in the Youth Employment Jump Support Fund project in January of this year.

Moreover, the number of youths participating in the Type II project reached 17,334 in just the first half of the year, with expectations that the number of young individuals receiving incentives will continue to rise.

Lee Jeong-han, Director of Employment Policy at the Ministry of Employment and Labor, expressed, "We hope that the early payment of the retention incentives will help young people quickly find employment and stay in their jobs," adding, "We will actively support small and medium-sized enterprises participating in the Youth Employment Jump Support Fund to create a work environment that young people want to engage in."

Image 3

Image source: Material photos for understanding the article / News1, Material photos for understanding the article / gettyimagesbank