▲ People look at job notices at a job fair in Seoul, in this file photo taken Dec. 2, 2025. (Yonhap)

SEOUL, Sept. 1 (Yonhap) -- The labor ministry said Tuesday it seeks more than 38 trillion won (US$27.7 billion) for next year's budget to bolster support for youth employment.

The Cabinet approved allocating 38.95 trillion won for the labor ministry in 2027, up 3.4 percent from this year, as part of the government's 2027 budget proposal, according to the ministry.

Under next year's budget, the ministry seeks to spend a total of 3.3 trillion won on youth employment-related programs, up 700 billion won from this year.

As part of such a plan, the ministry plans to expand the monthly job search allowance under its youth employment support program to 650,000 won from the current 600,000 won.

The government has sought to boost support for youth employment amid a tough job market for young people. The employment rate for those aged 15 to 29 fell 1.6 percentage points to 44.2 percent in July, marking the 27th consecutive month of on-year decline.

The ministry also plans to spend 40.1 billion won for safety improvement at 2,400 businesses prone to fires or explosions following an explosion at defense company Hanwha Aerospace's plant that killed five people in June.

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