This article was first published 11th May 2017 – this is our excerpt (full credit to Emma Rumney)<\/p>\n\n\n\n
Following the election of the new South Korean President Moon Jae, a pledge to create 810,000 public sector jobs was made.<\/p>\n\n\n\n
Moon's victory, led by the impeachment of the former president Park Geun-Hye, ended almost ten years of conservative rule and is a fresh direction for South Korea's economy. <\/p>\n\n\n\n
To address the record-high youth unemployment Moon added: \u201cAbove all, I will take care of job creation.\u201d<\/p>\n\n\n\n
This pledge starts with creating 810,000 public sector jobs in the next five years, increasing the number of firefighters, police officers, teachers, and social workers.<\/p>\n\n\n\n
This pledge is based on an immediate $9bn supplementary budget focused on jobs in both the public and private sectors, and through reducing current public sector working hours and ensuring workers use their vacation time.<\/p>\n\n\n\n
Moon believes his plan will create an average of 500,000 new jobs in the private sector each year.<\/p>\n\n\n\n
Another pledge is to increase the minimum wage, welfare payments, and cut working hours. <\/p>\n\n\n\n
Based on the country\u2019s official statistics office (Statistics Korea), the current unemployment rate is sitting at 4.2% – youth unemployment is roughly double that.<\/p>\n\n\n\n
Most of the national jobs in South Korea are provided by family-run conglomerates (chaebols). Moon pledged to overhaul the chaebols, making them more transparent, democratic, and accountable. <\/p>\n\n\n\n
Another pledge includes reforming presidential powers, including the relocation of the presidential office to a central government compound, which will improve communication with the public.<\/p>\n\n\n\n
The first thing will be trying to grow the country\u2019s economy which has been soaring in recent decades and is expected to grow 2.6% in 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1005,"featured_media":507646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_stopmodifiedupdate":false,"_modified_date":"","_important_terms":"","inline_featured_image":false,"_uag_custom_page_level_css":"","ub_ctt_via":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[1],"tags":[],"table_tags":[],"acf":[],"featured_image_src":"https:\/\/www.publicfinanceinternational.org\/wp-content\/uploads\/south-korea-flag.jpg","author_info":{"display_name":"PFI Editorial","author_link":"https:\/\/www.publicfinanceinternational.org\/authors\/"},"author_meta":{"display_name":"PFI Editorial","author_link":"https:\/\/www.publicfinanceinternational.org\/authors\/"},"featured_img":"https:\/\/www.publicfinanceinternational.org\/wp-content\/uploads\/south-korea-flag-300x200.jpg","uagb_featured_image_src":{"full":["https:\/\/www.publicfinanceinternational.org\/wp-content\/uploads\/south-korea-flag.jpg",960,641,false],"thumbnail":["https:\/\/www.publicfinanceinternational.org\/wp-content\/uploads\/south-korea-flag-150x150.jpg",150,150,true],"medium":["https:\/\/www.publicfinanceinternational.org\/wp-content\/uploads\/south-korea-flag-300x200.jpg",300,200,true],"medium_large":["https:\/\/www.publicfinanceinternational.org\/wp-content\/uploads\/south-korea-flag-768x513.jpg",768,513,true],"large":["https:\/\/www.publicfinanceinternational.org\/wp-content\/uploads\/south-korea-flag.jpg",960,641,false],"1536x1536":["https:\/\/www.publicfinanceinternational.org\/wp-content\/uploads\/south-korea-flag.jpg",960,641,false],"2048x2048":["https:\/\/www.publicfinanceinternational.org\/wp-content\/uploads\/south-korea-flag.jpg",960,641,false]},"uagb_author_info":{"display_name":"PFI Editorial","author_link":"https:\/\/www.publicfinanceinternational.org\/authors\/"},"uagb_comment_info":0,"uagb_excerpt":null,"coauthors":[],"tax_additional":[],"comment_count":"0","relative_dates":{"created":"Posted 7 years ago","modified":"Updated 2 years ago"},"absolute_dates":{"created":"Posted on May 11, 2017","modified":"Updated on March 17, 2022"},"absolute_dates_time":{"created":"Posted on May 11, 2017 5:00 pm","modified":"Updated on March 17, 2022 5:03 pm"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/posts\/507644"}],"collection":[{"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/users\/1005"}],"replies":[{"embeddable":true,"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/comments?post=507644"}],"version-history":[{"count":1,"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/posts\/507644\/revisions"}],"predecessor-version":[{"id":507645,"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/posts\/507644\/revisions\/507645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/media\/507646"}],"wp:attachment":[{"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/media?parent=507644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/categories?post=507644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/tags?post=507644"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/www.publicfinanceinternational.org\/wp-json\/wp\/v2\/table_tags?post=507644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}