S. Korea to create jobs through innovation and deregulation

SEJONG, Sept. 24 (Yonhap) -- South Korea's vice finance minister said Tuesday that the government will help create jobs in the private sector through innovation and deregulation. "The government will remove unnecessary regulations and further strengthen necessary support," Kim Yong-beom said in a meeting with officials of local healthcare startup Lunit during his visit to the company's headquarters in southern Seoul. The startup, which is making data-driven imaging biomarkers, saw its employees jump to 90 from just five in 2015 after receiving financial support from a state fund. Among them, people aged less than 35 accounted for 84 percent of its total employees. In 2015, the government launched a joint fund with the private sector for funding to local startups. The fund invested 938.6 billion won (US$785 million) out of its 1.29 trillion won in 1,010 companies. The government also provided up to 27 million won to small companies for three years if they hire young people in the latest move to help young people get jobs. The unemployment rate for young adults -- those aged between 15 and 29 -- stood at 7.2 percent in August, much higher than the overall jobless rate of 3 percent, according to Statistics Korea. entropy@yna.co.kr (END)