South Korea will submit its $9.7 billion extra budget to parliament next week, the finance ministry said on Friday, focused on creating 68,000 new jobs to make up for severe job cuts as the struggling shipping and building industries are overhauled. The final draft of the supplementary budget issued on Friday stressed the importance of keeping workers from the troubled shipping and shipbuilding sectors in employment, as well as keeping those industries afloat until the global economy rebounds.
In addition to the spending plans announced last month, the government will place orders with small- to medium-sized shipbuilders for 61 new ships, including coast guard vessels.
Over the corporate restructuring process, roughly 60,000 jobs are expected to be lost in related sectors, the ministry said citing industry estimates. The government forecasts 68,000 new jobs will have been created once the supplementary budget is fully implemented. The supplementary spending was set at 11 trillion won ($9.66 billion), up from the roughly 10 trillion won budget the ministry announced in late June.
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