The Ministry of Economy and Finance's youth policy advisory panel for people in their 20s and 30s has proposed rationalizing the earned income tax system and establishing a youth career hub.
The ministry is the first among government agencies to operate a youth policy advisory panel to reflect the opinions of younger generations in policy-making.
The ministry held a policy presentation by the third youth advisory panel, called "Next Dynamics," at Community House Masil in Myeong-dong, Seoul, on Monday. The panel, launched in April this year, has been proposing policy ideas across three areas: economy and industry, employment and welfare, and international finance.
At the presentation, the panel's working groups proposed key policy tasks including a reform roadmap for corporate support systems to promote qualitative growth of small and medium-sized venture companies, measures to encourage young people to settle and find employment in regional areas, and plans to establish a Korean-style financial administration efficiency model with enhanced cooperation systems.
Other proposals discussed included establishing a support package for K-beauty overseas certification, rationalizing the earned income tax system and improving brackets where tax burdens increase sharply, and building a youth career hub with a nationally certified database.
Deputy Prime Minister and Finance Minister Koo Yun-cheol said in his opening remarks, "The government is preparing an economic growth strategy with 2026 as the inaugural year for a great leap forward in the Korean economy."
"In this era of AI transformation, the perspective of young people who experience change and innovation most rapidly is crucial in designing policy directions," Koo said.
He added, "We will refine the ideas proposed today and develop them into substantive policies, and continue various communication channels so that the voices of young people can be reflected in policy."
