The Moon Jae-in administration's multi-billion dollar supplementary budget to reduce the nation's stubbornly high youth unemployment rate will head to the National Assembly today for their review. <br />It's the second extra budget since the start of the less-than-a-year-old Moon administration,... that is solely for the purpose of creating more jobs.<br />Kim Hyesung tells us more.<br /> <br /> The government has proposed a supplementary budget worth about 3-point-7 billion U.S. dollars, which will be submitted to the National Assembly Friday for approval.<br />The extra spending is aimed at tackling South Korea's high youth unemployment, which the government sees as a developing crisis, and at helping regional economies hit by corporate restructuring. <br /> The government's goal is to bring youth unemployment down to below 8 percent by 2021, from last year's 9-point-8 percent, and to create around 50-thousand jobs for young people. <br /> Of the total extra budget, 2-point-7-5 billion dollars are to be used to support small and mid-sized companies that hire new full-time employees and to subsidize their wages.<br />There are also tax incentives for new workers and for smaller-sized firms that hire them. <br /> The Finance Ministry said the remaining 950 million dollars will go to domestic automobile and shipbuilding companies in the restructuring process. <br />If passed, this would be the second extra budget under President Moon Jae-in.<br /> Last year, the Moon administration formed a 10.5 billion dollar supplementary budget to create more quality jobs. <br />South Korea has passed extra budgets every year since 2015; the latest proposal worth 3-point-7 billion dollars would be the smallest one since 2006.<br />But there's no guarantee this one will pass the National Assembly.<br /> Opposition lawmakers are against it, and the ruling Democratic Party holds just 41 percent of the body's 293 seats.<br />Kim Hyesung, Arirang News. <br />
