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Future direction of job creation programs in Korea

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Frame of Image rical analysis. □ The government’s budget for the job creation programs has steadily increased in recent years to reach KRW 11.8 trillion (based on the budget plan) in 2014. ○ By sub-program related to the active labor market policy, Korea’s budget spending was overwhelmingly concentrated on direct job creation (67.3 percent in 2010) while the spending was relatively minuscule on vocational/education training (17.2 percent) and employment services (2.7 percent). ○ In contrast, OECD countries spent a greater amount on vocational/education training and employment services (28.5 percent on average in 2010) than on direct job creation (12.5 percent on average). □ An empirical analysis on the short- and medium-term effects of active labor market policy using OECD country data shows the following:
* This is the translated version of KDI Policy Forum released on September 15, 2014. ** This article is based on “Study on the Direction of Government-funded Job Program in Korea” by Yong-seong Kim, a research monograph published by the Korea Development Institute in 2013.
KDI Policy Forum
2
○ Employment subsidies and direct job creation worked to raise the employment rate in the short-term while the medium-term effects were not confirmed. Of note, direct job creation was found to have negative effects in the medium-term. ○ Employment services and vocational/education training helped boost the employment rate in the medium- to long-term. □ A review on the reallocation of current budget fo


Full Text
Title Future direction of job creation programs in Korea
Similar Titles
Material Type Reports
Author(English)

Kim, Yong-seong

Publisher

[Sejong]:Korea Development Institute

Date 2015-03
Series Title; No KDI Policy Forum / vol. 261
Pages 10
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Social Development < Employment
Holding KDI; KDI School

Abstract

This paper aims to overview the current state of the government-funded job creation programs and then to discuss the programs’ future direction for an effective improvement in the employment rate based on international comparison and empirical analysis.

The government’s budget for the job creation programs has steadily increased in recent years to reach KRW 11.8 trillion (based on the budget plan) in 2014.

By sub-program related to the active labor market policy, Korea’s budget spending was overwhelmingly concentrated on direct job creation (67.3 percent in 2010) while the spending was relatively minuscule on vocational/education training (17.2 percent) and employment services (2.7 percent).

In contrast, OECD countries spent a greater amount on vocational/education training and employment services (28.5 percent on average in 2010) than on direct job creation (12.5 percent on average). (The rest omitted)