Economic Boost

[Anchor Lead]

The government has laid out comprehensive measures to boost employment and investment, believingcurrent conditions are not likely to improve in the short term. It will reduce fuel taxes as a temporary measure and also create 59-thousand jobs in the public sector to increase support for working class citizens and the socially vulnerable.

[Pkg]

Starting November 6, fuel taxes will be cut by 15 percent for a six month period. The reduction will bring down the price of gasoline by 123 won per liter, by 87 won for diesel and 30 won for liquefied petroleum gas. The government increased the reduction rate to 15% this time around, considering the ten percent cut ten years ago, which had generated little effect due to a spike in global oil costs at the time. The six-month fuel tax cut is expected to save some two trillion won in public burden. The government will also monitor prices at pumping stations on a daily basis so the tax cut can be immediately reflected in gas prices. Critics have pointed out that a singular discount for consumers altogether benefit high income earners to an even greater degree. But the government explains the latest measure aims to stimulate consumption by increasing the volume of spare money for working class citizens and small-scale businesses.

[Soundbite] Kim Dong-yeon(Deputy PM for Economy) : "Government support will strengthen for the working class and small business owners suffering from rising oil prices and sluggish domestic demand."

Job creation is another measure to tackle employment conditions which are typically tighter and harsher in the winter. 59-thousand short-term jobs will be created in the public sector by the year's end to support the socially vulnerable. The list of jobs will include internships at public organizations, administrative jobs at government agencies, sanitation workers, forest fire monitors and the like. Vocational training recipients will also be increased to 35-thousand people. The government will also provide financial guarantees of one trillion won to the auto parts industry which is struggling from corporate restructuring and the economic downturn, and also 300 billion won to businesses that supply materials to shipbuilding firms.