Seoul: The government has unveiled a strategic initiative aimed at supporting 100,000 young job seekers through a vocational training program helmed by major conglomerates. This announcement was made by Finance Minister Koo Yun-cheol, highlighting a significant investment of 800 billion won (US$541 million), as per the finance ministry's statement.

According to Yonhap News Agency, the initiative comes in response to South Korea's persistent youth employment challenges. The first quarter of this year recorded a youth employment rate of just 43.5 percent, marking the lowest since the onset of the COVID-19 pandemic. Concurrently, the number of unemployed individuals in their 20s and 30s has surged to 1.71 million.

The program will see major conglomerates, including Samsung Group and Hyundai Motor, launching vocational training schemes in sectors such as artificial intelligence (AI) and semiconductors. These efforts are designed to assist vulnerable youths, focusing particularly on long-term unemployed individuals aged between 15 and 34.

Ministry official Lee Joo-sueb noted that participation is anticipated not only from the top 10 conglomerates but also from up to the top 30 business groups. The training programs are planned to last at least 400 hours, or over three months, with companies showing interest in training approximately 12,000 participants.

In addition, the government will offer work experience opportunities to 23,000 young people in both the public and private sectors, enabling them to acquire practical skills. A recovery program will also support 11,000 individuals in their reintegration into society and the workforce, providing assistance from counseling to employment.

Furthermore, the government plans to revamp employment support initiatives to aid the job search and employment process for an additional 44,000 young people.