– South Korea’s new government announced a 11.2 trillion won ($10 billion) fiscal stimulus package on Monday, increasing social welfare subsidies and taking steps to deliver on President Moon Jae-in’s election promise to create 810,000 public sector jobs, reported.
AKIPRESS. COM – South Korea’s new government announced a 11.2 trillion won ($10 billion) fiscal stimulus package on Monday, increasing social welfare subsidies and taking steps to deliver on President Moon Jae-in’s election promise to create 810,000 public sector jobs, Reuters reported.
The stimulus package allocates 5.4 trillion won to create public sector and social services jobs, including places for fire fighters, teachers and postal workers, the finance ministry said.
Another 2.3 trillion won will be used to provide subsidies for maternity leave and for elderly people needing medical care.
The government estimates the extra spending will boost economic growth by 0.2 percentage point this year, which may raise its 2017 outlook from current 2.6 percent.
It expects to the extra budget to add 71,000 jobs to the public sector workforce and 15,000 jobs to the private sector.
