Finance ministry convenes task force to address youth and manufacturing job losses

The finance ministry convened a joint inter-ministerial task force on Tuesday to discuss measures for recovering youth employment and addressing downturns in the manufacturing sector.

Lee Hyung-il, first vice minister of economy and finance, and Kwon Chang-jun, vice minister of employment and labor, chaired the meeting at the Government Complex Seoul to review strategies for stabilizing employment.

The discussion focused on preparing the Youth Job Recovery Plan, which aims to nurture future human resources, connect them with jobs and ensure continuous career growth. The government intends to finalize and announce the measures in the third quarter following additional consultations.

This agenda followed data showing the overall number of employed persons increased by 63,000 in June from a year earlier, marking a return to growth after one month. However, youth metrics lagged, with the employment rate falling 1.7 percentage points and the unemployment rate rising 0.9 percentage points compared to the same period last year.

Job losses in specific industries also drove the conversation, as employment in manufacturing dropped by 97,000 and construction saw a decrease of 67,000 in June against year-ago figures. While the decline in manufacturing jobs narrowed from the prior month, the reduction in construction employment expanded. The task force committed to systematically analyzing trends and factors in these struggling industries and mobilizing available policy tools for each sector.