South Korean president unveils 2027 budget plans for youth
South Korean President Lee Jae-myung on August 28 presented key directions of the government's 2027 budget plans for young people. The package, which the government disclosed ahead of the official presentation of the full budget proposal for next year, covers employment, housing and asset building.
As The Korea Herald reports, the plans were presented at the “Youth Budget Unboxing 2027” event at Cheong Wa Dae in Seoul. Lee Jae-myung said young people have become one of the country’s most vulnerable groups due to increasing difficulties with employment, housing and financial stability.
According to the publication, this is the first time the South Korean government has disclosed budget plans for a specific policy group before releasing the full national budget.
Internships and public housing
Among the measures previously discussed as part of budget planning is a semester-long internship program for university students. It is intended to allow internships to be counted as academic credits.
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The government also plans to expand public housing near major public transport hubs. Separately, authorities are considering measures intended to help young people build financial assets and reduce education and housing costs.
Approach to youth policy
Youth policy for 2027 is planned to be structured around life stages: employment, asset building, housing and marriage. The overall direction of the package was presented at the event by the Ministry of Planning and Budget.
Officials from the Financial Services Commission and the ministries of land resources, education, labor, culture and health also took part in presenting the relevant programs. The president stressed that the state must create opportunities for young people commensurate with their efforts, rather than merely urging them to work harder. According to him, one failure can leave a person in debt and make another attempt more difficult.
