SEOUL, June 5 (Xinhua) -- The South Korean government announced its first supplementary budget plan on Monday to create jobs, especially in public sectors.
The extra budget plan worth 11.2 trillion won (10 billion U.S. dollars) was approved during the cabinet meeting, according to the Ministry of Strategy and Finance.
It was scheduled to be submitted to the National Assembly Wednesday. If approved in the extra parliamentary session, the budget was expected to be implemented from July.
The extra budget was anticipated to create about 71,000 jobs in the public sector, including 12,000 government officials, and some 39,000 jobs in the private sector.
It marked the third straight year that the government allotted a supplementary budget worth over 10 trillion won.
This year's extra budget was not expected to influence the fiscal soundness as the budget would be financed by a rise in tax revenue.
On his campaign trail, President Moon Jae-in pledged to become a "job-creating" president, indicating that his major economic policy would be centered on employment.
Moon vowed to focus on income-based economic growth by creating more decent jobs and reducing irregular workers.
The unemployment rate among those aged 15-29 surged to 11.2 percent in April, while the number of youths unemployed reached 1.2 million.
A senior finance ministry official told a press briefing that it would mark the first time that the government drew up the extra budget plan only for job creation.
