The government and South Korea's largest business groups agreed to work together to expand job opportunities for young people. Companies said they would increase new hiring and internships and other work-experience programs, while the government pledged to build the institutional groundwork for more active corporate recruitment.
The Federation of Korean Industries said it held a meeting on the 3rd at the FKI Tower in Seoul to discuss expanding youth job opportunities and pending employment and labor issues. Employment and Labor Minister Kim Young-hoon, FKI Chairman Ryu Jin and chief human resources officers from the country's 10 largest business groups attended. The 10 groups are Samsung, SK, Hyundai Motor, LG, Hanwha, Lotte, POSCO, HD Hyundai, GS and Shinsegae.
Participants agreed that public-private cooperation is essential to resolving youth employment problems. "The youth jobs issue can be solved only when the government and companies move in step," Ryu said. "If rules suited to the AI era are put in place, companies will broaden opportunities for young people by expanding new hiring and internships."
Kim said good jobs can be created only alongside companies and called for active participation from the major groups. He particularly stressed that companies should join education and job-linked programs aimed at strengthening young people's skills in advanced industries such as AI.
Companies said expanded hiring, job training and stronger field-based internship programs are needed to provide quality jobs for young people. Participants also proposed strengthening regional talent development and recruitment links to ease workforce mismatches between regions.
On labor issues such as extending the retirement age, participants said the balance of jobs across generations and what companies can absorb in practice must both be taken into account. Companies said institutional changes, including an overhaul of wage systems and job-based personnel management, are needed to keep older workers employed.
The FKI said it plans to draw up proposals on expanding youth employment support, continued employment and labor market reform based on the discussions and submit them to the government.
