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The government announced that it will increase the youth budget from this year's 28.2 trillion won to 43.3 trillion won next year, an increase of about 15 trillion won (53.5%), as part of measures to address the worsening employment crisis and asset gap among those in their 30s. President Lee Jae-myung emphasized at the youth budget unboxing event that supporting youth is key to the country's future growth.
This budget plan includes various support measures throughout the life cycle, from birth to marriage. For example, a 'Our Child Independence Fund' will be established, providing up to 1.2 million won annually from birth until the age of 18, with a maximum payout of 100 million won at maturity. Additionally, support for youth public rental housing and monthly rent will also be expanded. However, there are concerns that if such support becomes mandatory spending, it could burden the finances.
The budget for job-related initiatives is set at 13 trillion won, with the youth job leap incentive doubling and an increase in the number of participants in large company-led talent development programs. However, experts point out that since housing and asset formation support make up the majority of the budget, there are limitations in creating quality jobs that young people can truly feel. Alongside this, the necessity for continuous funding is also being emphasized.