Finance ministry announces key policies for 2018

Описание: 김동연 경제부총리, 내년 경제 정책 키워드 '일자리•혁신 성장•저출산'
With 2017 winding down,... the South Korean government outlined its key economic policies for the coming year.
Included in it: setting up a fund to help small companies hit hard by the minimum wage spikes.
Kim Hyesung tells us more.
At an economic-related ministers' meeting on Wednesday, Finance Minister Kim Dong-yeon said that, while Korea is set to post solid economic growth of three percent this year, it faces challenges, particularly in terms of job growth.
With the minimum wage set to increase by 16 percent next year, marking the biggest annual jump in almost two decades,....the Korean government plans to inject over two-point-seven billion U.S. dollars as job support subsidies starting next year.
The Finance Ministry said it will directly fund small businesses employing fewer than 30 people to cope with the spike in labor costs.
It's also looking into expanding earned income tax credit as an indirect way of supporting low-income households.
As part of measures to create more jobs, the health ministry says it will support bio, medical and cosmetic industries to come up with new products and export up to 21 billion dollars in related goods by 2022.
The ministers also touched on health insurance policies, promising to expand coverage that's backed by feasible financing measures.
The Finance Minister added that the government will fine tune details and unveil its economic policy roadmap for 2018 next week.
It will include plans on three key areas: jobs, innovative growth, and tackling the low fertility rate.
Kim Hyesung, Arirang News.

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