SEOUL, Aug. 19 (Yonhap) -- President Lee Myung-bak called Thursday for institutional measures to help the younger generation set up their own businesses, saying it is important not only in reducing the youth jobless rate but also in preparing for the country's future.
"I was told that 80 percent of people who start new businesses (these days) are in their 50s," Lee said in a weekly emergency economic policy meeting. "Young people seem to be evading risky challenges." This week's session was focused on ways to cut the youth unemployment rate, a persistent problem in South Korea as young people face a tougher time finding jobs than other age groups.
The latest job data showed that South Korea's unemployment rate among people aged 15-29 stood at 8.5 percent last month compared with its headline jobless rate of 3.7 percent.