Number of jobless likely to exceed 1 million this month

The government resolved to map out steps to boost employment amid fears that the number of jobless will surpass the 1 million mark this month and that the annual unemployment rate will reach the 4% level, exceeding the earlier target of 3%.

A senior official at the Ministry of Finance and Economy (MOFE) said Thursday, ¡°Mainly due to the faster-than-expected economic slowdown, as well as restructuring and seasonal factors, the number of unemployed is expected to surpass the 1 million mark this month.¡±

After reviewing developments that arose in the course of pushing comprehensive unemployment measures last month, the government plans to come out with supplementary steps aimed particularly at addressing joblessness among workers in their 30s and 40s. The initiatives will involve the expansion of financial support to these workers.

The government will devote budget funds earlier than expected to job retraining while also activating job-creation projects. Along with this, it will expand jobs for the unemployed by launching housing remodeling projects nationwide.

Choi Young-Hae moneychoi@donga.com